Thailand’s Security and Exchange Commission said on Wednesday that it will ban the use of crypto as a means of payment from April 1.
- The regulator cited money laundering concerns and the inability of the central bank to step in and provide assistance as the reason behind the ban.
- The Thai SEC stressed this is not a ban on crypto trading and digital assets, which has become more popular among the locals in the last two years, just a ban on the use of crypto for payments.
- In January, Thai authorities announced a plan to regulate digital asset payments in the country.
- In the latest announcement, the Thai SEC said that digital assets do not provide improved efficiency to the payments market because of their volatility and high transaction fees.
- Thai authorities announced in early March that crypto trades on government approved exchanges will be exempt from a 7% value-added-tax (VAT) until 2023.
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