Thailand has recently joined the list of countries that have enacted legislation governing the use of cryptocurrencies.
The Thailand Securities and Exchange Commission (SEC) has prohibited the use of cryptocurrencies in the country, with payments being one of the prohibited activities.
The Thai SEC also proposed a guideline regulating the level of information that organizations must disclose concerning cryptocurrencies.
According to the Thai SEC’s announcement, companies operating in Thailand will be barred from receiving cryptocurrency payments with effect from April 2022. This decision was made following a consultation with the Bank of Thailand (BOT).
According to the findings of joint research conducted by the Bank of Thailand and the Thailand Securities and Exchange Commission,
“[Crypto payments] may affect the stability of the financial system and the overall economic system, including risks to people and businesses.”
The Thai SEC identified several hazards associated with cryptocurrencies, such as cyber theft and money laundering. Businesses in Thailand are no longer permitted to advertise cryptocurrency adoption after April 2022.
Some of the risks cited by the SEC include value loss due to market fluctuation, cyber theft, money laundering, and personal data exposure. Once implemented, Thai businesses will no longer be permitted to advertise accepting cryptocurrency payments or establish systems, tools, and wallets to facilitate cryptocurrency transactions.
Non – compliance with these laws by affected parties attracts penalties
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