Thailand Bans Crypto Payments
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March 23, 2022

Businesses in Thailand will not be able to accept payments in digital assets starting next month, according to a notification of the local Securities and Exchange Commission (SEC) based on the results of a joint study with the Central Bank of the country. Per the document:

"Such payments can affect the stability of the financial system and the economy as a whole, creating risks for the population and businesses."

Some of the risks that are mentioned include the loss of value due to price volatility, cyber attacks, money laundering and leakage of personal data.

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Starting on April 1, companies will be prohibited from advertising the acceptance of payments in digital assets, as well as creating systems, tools and wallets to facilitate cryptocurrency transactions.

Businesses that violate the ban will face a temporary suspension or liquidation of the service. Companies will have until the end of April to comply with this requirement.

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