Thailand Bans Cryptocurrency.

Thailand’s SEC emphasized that it is only prohibiting the use of cryptocurrency for payments and not crypto trading or digital assets.

Thailand’s Securities and Exchange Commission said on Wednesday that it will prohibit the use of cryptocurrency as a form of payment beginning April 1.

The regulator justified the restriction by citing money laundering risks and the central bank’s incapacity to intervene and offer assistance. The Thai SEC emphasized that this is not a prohibition on crypto trading and digital assets, which have grown in popularity among Thais in the previous two years, but rather a prohibition on the use of crypto for payments.

Thai officials revealed a plan in January to regulate digital asset transfers in the nation.

The Thai SEC stated in its most recent release that digital assets do not boost the efficiency of the payments system due to their volatility and high transaction costs.

Many local property developers went to cryptocurrency last year to rekindle interest in the country’s condominium market, which is mostly aimed toward foreigners.

Thai officials declared in early March that cryptocurrency trades on government-approved exchanges will be free from a 7% VAT until 2023.

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