Thursday May 30, 2024
Thursday May 30, 2024

Thailand bans cryptocurrency payments


Nepalnews
AP
2022 Mar 23, 18:18, Thailand

Thailand’s securities regulator announced Wednesday that it is barring the use of cryptocurrencies for the payment of goods and services.

The ruling effective April 1 does not ban investment in cryptocurrencies, which has become increasingly popular in the past year after being promoted by local exchanges.

The Securities and Exchange Commission said it was taking action in order to protect the stability of the country’s financial and monetary systems from threats including money laundering and other cybercrimes.

The regulation also specifically bans the promotion of cryptocurrencies for payment along with the distribution of software and devices for that purpose.

It says as well that operators of digital asset businesses must warn their customers of the ban and can suspend their accounts if they violate the regulation.

Businesses have until the end of April to comply with the ban.

READ ALSO:

Thailand cryptocurrencies NepalNews cybercrimes Money Laundering
Nepal's First Online News Portal
Published by Nepalnews Pvt Ltd
Editor: Raju Silwal
Information Department Registration No. 1505 / 076-77

Contact

Kathmandu, Nepal,


Newsroom
##

E-mail
[email protected]

Terms of Use Disclaimer
© NepalNews. 2021 All rights reserved. | Nepal's First News Portal