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Thailand to Ban Crypto As Means of Payment on April 1st

The Security Exchange Commission of Thailand will effectively ban crypto as a means of payment on the 1st of April.

Thailand Bangkok Crypto
Photo by Grey Coast Media / Envato

The Security and Exchange Commission of Thailand has stated on Wednesday that it plans to ban crypto as a means of payment, starting on the 1st of April.

The regulator stated that money laundering concerns, as well as the inability of the central bank to step in and give necessary assistance when needed, were among the reasons for the ban.

The Thai SEC was quick to clarify, however, that this was not in fact a ban on crypto trading and digital assets, which has seen a surge in popularity among the locals in the past 2 years. It’s just meant to be a ban for the use of crypto for payment purposes.

Thai authorities made a plan announced in January pertaining to the regulation of digital asset payments in the country.

The Thai SEC, in their latest announcement, stated that digital assets do not in fact provide improved efficiency to the payments market due to their volatility and high transaction fees.

A plethora of domestic property developers began looking into crypto last year, as a means to revitalize interest in the country’s condominium market, since it is by and large geared and tailored towards foreigners.

The Thai authorities also made an announcement in early March, stating that crypto trades which happen to be government-approved exchanges shall be exempt from a 7% VAT or value-added tax. This will last until 2023.

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