Cryptocurrencies have been gaining popularity in recent years, but Thailand’s Securities and Exchange Commission is moving to crack down on their use. As of the beginning of April it became illegal to purchase goods or services with digital currencies like Bitcoin and Ethereum. The move is aimed at maintaining stability in financial markets and reduce the risk of cybertheft and money laundering, but it could have a serious impact on businesses that have been accepting cryptocurrency payments as well as many burgeoning businesses doing development in the crypto-currency space.
Prior to this ban, consumers were allowed to purchase goods and services using digital currencies such as Bitcoin and Ethereum. However, with the volatility of cryptocurrency prices, the government has decided to put a stop to this practice. Although some businesses have already ceased accepting cryptocurrency payments, others have vowed to continue doing so despite the upcoming ban. It remains to be seen how strictly the ban will be enforced, but for now, it looks like Thailand is taking a hard stance against digital currency payments.
Some say this is a step backwards for the Thailand 4.0 plan which calls for digital transformation of the country’s industry toward a digital based economy promoting Thailand as a technological hub in Southeast Asia.
If you are a business owner affected by this new regulation, you should seek experienced legal help to understand your rights and options. An attorney can advise you on how to comply with the new law and avoid any potential penalties. With experienced legal guidance, you can ensure that your business remains compliant and continues to thrive despite the new crypto ban.