The regulators of Thailand are now ready to take action against the possible threats on the Sovereign fiat currency and national economy because of crypto payment adoption.
Thailand is a crypto and blockchain-friendly country in the world, where people have full freedom to deal with crypto assets investment at a better level. Even government agencies are encouraging people to adopt the crypto and blockchain industry with better concessions on crypto Investment and gains taxes.
On 23 March, Thailand’s Securities and Exchange Commission (SEC) published its guidelines for all crypto companies to restrict their all crypto services which are providing crypto assets based payment services to their users or any business clients.
This law order is required to be followed by all the crypto companies and businesses, which are using crypto-based method payment, since 1 April. After 30 days of 1 April, no crypto companies should be involved in such types of activities. So a total ban on crypto payments will take place from 1 May.
Thai SEC stated:
“All types of digital asset business operators must not provide services or act in a manner that encourages or promotes the payments of goods and services with digital assets.”
SEC also clearly stated that any kind of crypto payments-related advertisement or any design which intends to provide crypto payment services will be barred. And if any company will found in similar kinds of activities, then they will be fined.
However this new order of SEC will not impose any kind of ban or restrictions on the cryptocurrencies investment but still, it will result in some road bumps for those crypto companies of Thailand, which were dedicated to prove crypto payment services.
The level of support nature to the crypto industry can be seen from the recent decision of Thailand to give exemption to the crypto investors up to 7% on their taxes, to push retail crypto Investment adoption in the country.
SEC also noted that it is not any kind of intention to degrade the crypto and blockchain adoption, instead, it is an effort of the agency to keep “prevent impacts on financial stability and the national economy.”