Thailand will prohibit the use of digital assets for payments starting in April.
Thailand has published rules prohibiting the use of digital assets to pay for goods and services as of 1 April, the market regulatory authority said.
The move was in line with earlier discussions between the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT)
on a need to regulate such activity by digital asset business operators as it could affect the country’s financial stability and overall economy, the SEC said in a statement, according to Reuters.
Operators in the digital asset sector that provide such services have to comply with the new rules within 30 days of the date of entry into force, he said.
The BOT has said repeatedly that it does not support cryptocurrencies as payments. It will hold a briefing on regulatory guidelines for banks’ digital asset business later on Wednesday.
In January, the regulator in Indonesia also warned financial companies not to offer and facilitate crypto sales, in an environment of the boom in its use.