Thailand Banned Cryptocurrency Payments

Thailand banned cryptocurrency payments. The use of cryptocurrencies as a means of payment is also prohibited in Turkey.

While crypto regulation studies continue at full speed around the world, another piece of news came from Thailand. Thailand's Security and Exchange Commission has announced that it will ban the use of cryptocurrencies as a means of payment from April 1. The regulator cited money laundering concerns and the central bank's inability to provide adequate oversight as reasons for the ban. Thailand's Securities and Exchange Commission has issued a set of mandate guidelines banning the use of crypto assets to pay for goods and services. It was stated that the ban in question will be effective from April 1. In a statement, the institution said that business operators, including crypto exchanges, should not provide such payment services and are prohibited from taking actions that encourage crypto assets to be paid for goods or services. However, it was stated that the ban is not a ban on crypto trading and crypto assets that have become more popular with the local population in the last two years, but only the use of crypto for payments. To recall, Thai authorities announced in early March that crypto trading on government-approved exchanges would be exempt from 7 percent value-added tax until 2023.