Thailand Bans Crypto as Means of Payment

The Thai SEC stressed it is only banning the use of crypto for payments and is not banning crypto trading and digital assets.

AccessTimeIconMar 23, 2022 at 7:42 a.m. UTC
Updated Mar 23, 2022 at 5:20 p.m. UTC

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.
  • Last year, many domestic property developers looked to crypto as a way to revitalize interest in the country’s condominium market, which is largely geared towards foreigners.
  • 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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


CoinDesk - Unknown
Cómo será el futuro del mercado institucional de criptomonedas en América Latina, según OSL

A pesar de la recesión del mercado, la compañía asegura que hay un clima positivo entre los jugadores financieros tradicionales que buscan ingresar al segmento cripto.

CoinDesk - Unknown
CoinDesk - Unknown
EU Watchdog Wants to Address Threat Crypto Assets Could Pose to Financial System

The European Systemic Risk Board is looking into measures and policies to address the potential threat that crypto assets could present to the global financial system.

CoinDesk - Unknown
CoinDesk - Unknown
JPMorgan dice que el ciclo de desapalancamiento del mercado cripto no será largo

Las empresas cripto más fuertes están interviniendo para ayudar a contener el efecto en cadena y la financiación de capital de riesgo sigue siendo saludable, dijo el banco.

CoinDesk - Unknown
CoinDesk - Unknown
How I Made It in Crypto: Life as a Play-to-Earn Guilder

“We turn our scholars into investors,” says Philippines-based Spraky, tournament host for Yield Guild Games.

CoinDesk - Unknown