THAILAND: Cryptocurrencies Banned for Payment Transactions

Thailand’s Security and Exchange Commission (SEC) is barring cryptocurrencies as a method of payment, starting 1 April 2022, citing financial security concerns. The new rules, announced on 23 March 2022, do not apply to investments or trading in digital assets, which are still permitted. 

Digital asset business operators, including crypto exchanges, cannot offer payment services using cryptocurrencies, nor act in any way that promotes using digital assets to pay for goods or services. They must cease advertising, soliciting or developing any system that facilitates paying for goods and services using digital wallets. Such businesses must also advise clients against using digital assets for transactions, and that their accounts may be cancelled if they attempt to do so. Companies have until the end of April 2022 to make any changes to their payment architecture to follow the new regulations.