SEC jointly announces ban on cryptocurrency Pay for goods in Thailand

The Bank of Thailand, the SEC, and the SEC have jointly formulated guidelines for regulating the adoption of digital assets. Used as a medium for payment of goods and services, not to bring cryptocurrencies Pay for goods in Thailand

The Bank of Thailand (BOT), the Office of the Securities and Exchange Commission (SEC) and the Ministry of Finance (KK) have discussed the benefits and risks of digital assets. and saw the need to regulate and control the adoption of digital assets as a medium for payment of goods and services (Means of Payment) in order to prevent its impact on financial stability and the country’s economic system

At present, digital asset operators have expanded their scope of business in the form of services. solicit or present that it is ready to provide services to merchants and entrepreneurs in various businesses to facilitate the payment of goods and services with digital assets, such as creating a system and advertising for merchants In which digital asset business operators play a role in such a manner This may result in the widespread adoption of digital assets as a medium of payment for goods and services. In addition to investment purposes This will affect the stability of the financial system and the overall economy.

Including risks to people and businesses such as the risk of loss of value caused by price volatility. Risk of Cyber ​​Theft Risk of personal data leakage or being used as a tool of money laundering

Regulators are aware of such risks and implications. therefore consider exercising powers in accordance with the relevant legal framework To control the use of digital assets as a medium of payment for goods or services in a wide range and there will be appropriate supervision guidelines

For some of the digital asset-related services that benefit financial innovation and do not create the systemic risks mentioned above. taking into account both the potential enhancement of the country’s financial system And the benefits of service users are important.

Setthaput Suthiwatanaruput, Governor of the Bank of Thailand, said that the BOT takes into account both the risks and benefits of digital assets. Including the technology behind it and sees that at present, the widespread use of digital assets as a medium for payment of goods and services will pose a risk to the country’s economic and financial system. Therefore, there should be a clear supervision. While some technologies and digital assets that do not pose such risks should be supported with appropriate regulatory mechanisms. for innovation and benefits to the people

Ms. Ruenwadee Suwanmongkol, secretary-general of the SEC, said that from joint discussions with the Bank of Thailand and the SEC, the SEC, as a regulatory body for digital asset operators, has a policy to promote Develop a digital asset business along with proper protection for traders. and focus on utilizing digital assets to develop the country’s economy and society Therefore, it is open to listen to opinions about the rules for providing digital assets for payment of goods and services. for further consideration of the criteria

However, comments will be open for comment. Until February 8, 2022 and the SEC has added that if this announcement has already been issued Those involved must comply and complete it within 15 days.

Read related news.

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