Thailand to Regulate Cryptocurrency as a Method of Payment

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Thailand has announced that cryptocurrency will be regulated as a method of payment for goods and services to prevent viable influences on the country’s financial stability and national economy. The announcement was jointly issued by the Bank of Thailand (BOT), the Thai Securities and Exchange Commission (SEC), and additionally the country’s Ministry of Finance (MOF).

The three regulators explained that after reviewing the advantages and risks of crypto assets, they deem it necessary to manage the utilization of digital assets as a method of payment for goods and services.

Citing that crypto business operators are offering services associated with the employment of cryptocurrencies as a way of payment, including fitting crypto contract systems, the regulators conceded that this may lead to wider adoption of cryptocurrency as a way of payment, except for its use in investment, which could potentially impact financial stability and also the overall economic system.

The authorities then outlined various crypto-related risks to consumers and businesses, including but not limited to price volatility, cyber theft, personal data leakage, concealment, etc.

The announcement further details: “Regulators will consider exercising power in accordance with the relevant legal frameworks to limit the widespread adoption of digital assets as a means of payment for goods and services.”

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