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Thailand to ban use of digital assets as payments from April

Thailand's market regulator announced on Wednesday that starting April 1, digital assets will be prohibited from being used to pay for goods and services.


Thailand to ban use of digital assets as payments from April - SEC


The move follows earlier conversations between the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT) about the need to regulate such behaviour by digital asset business operators since it could threaten the country's financial stability and overall economy, according to the SEC.


It stated that operators of digital asset businesses who provide such services must comply with the new guidelines within 30 days of the effective date.


The BOT has stated numerous times that it does not accept cryptocurrency as a form of payment. Later on Wednesday, it will hold a briefing on regulatory guidelines for banks' digital asset business.


In January, the Indonesian regulator issued a warning to financial organisations not to offer or support crypto sales, despite a surge in its use.


(Reuters)

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