Thailand SEC bans crypto payments, seeks disclosure of system failure from ex...
Since Dec. 2021, the government of Thailand has been working on preparing a new regulatory framework by defining “red lines” for the crypto industry. In an ongoing effort to carve out a regulated crypto market for the general public, the Thailand Securities and Exchange Commission (SEC) announced a ban on the use of cryptocurrencies for payments. Parallelly, the Commission proposed a new rule that demands disclosure of service quality and IT usage information from crypto businesses including brokers, exchanges and dealers.According to the notice issued by the Thai SEC, businesses in the....
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Regulators in Thailand have decided to limit the use of cryptocurrencies as a means of payment. The authorities consider the country’s current payment system efficient and insist cryptos would only bring risks for the financial system, economy, people and businesses.
Thailand SEC Issues Regulations Limiting Use of Digital Assets for Payments
Financial regulators in Thailand are taking steps to prevent the use of cryptocurrencies in payments for goods and services, citing various financial and economic threats. On Wednesday, the country’s Securities and Exchange....
A popular destination for many Russians, Thailand is now looking for ways to facilitate their payments amid widening western sanctions over Moscow’s military invasion of Ukraine. Cryptocurrency is one of the options being explored by the tourism industry as Russian citizens now face financial restrictions.
Authorities in Thailand Consider Accepting Cryptocurrency From Russian Visitors
Talks are underway between the Phuket Tourist Association (PTA) and the Bank of Thailand (BOT) to find alternative payment methods, including cryptocurrency, for Russian tourists visiting....
Thailand’s Securities and Exchange Commission (SEC) has now introduced strict rules concerning the promotions as well as advertising of crypto. Cryptocurrency companies are now expected to follow these newly initiated rules in order to bring down investment risks. This development happened this year itself as the rules were supposedly expanded to newer verticals which include […]
Thailand seems to be interested in catching Japanese crypto holders’ attention via tourism. The country wants to establish a crypto-friendly touristic hotspot and the first targeted country is the nation of the rising sun. Program Aims to Add New Segments With ‘High Spending’ Per Bangkok Post, the Tourism Authority of Thailand (TAT) seeks to put the nation as the first to welcome crypto holders by targeting Japanese tourists in the early stage. The maneuver is given in the context of the pandemic that hit hard Thai’s tourism. The program looks forward to emphasizing....
Bank of Thailand’s officials say that using cryptocurrency as a means of payment is not illegal. However, they added that users “must be able to accept the risks,” including price fluctuation.
Using Crypto to Pay for Goods and Services Is Not Illegal in Thailand
Sakkapop Panyanukul, senior director at the Bank of Thailand (BOT)’s Monetary Policy Department, clarified the central bank’s cryptocurrency stance this week.
He explained that the Bank of Thailand is currently discussing how to regulate cryptocurrency with the Thai....