Thailand’s Security and Exchange Commission issued a definitive ban on cryptocurrencies as payment in the country on Wednesday (23 March).
The new measure will apply from April 1. Thailand is enacting the law to help tackle money laundering, with the country’s central bank not currently prepared to offer guidance on how to deal with this threat.
As a result, the regulator said that it would seek to suspend the option altogether. The regulator reiterated that the ban would not apply to crypto trading and digital assets but rather focus on crypto as means of payment.
Thailand has had a rocky history with cryptocurrencies. Earlier this year the country announced that it may seek to completely suspend crypto in all forms.
However, Thailand also announced a plan in January which outlined how it would seek to regulate the crypto industry.
Property developers in the country tried to use crypto to seduce overseas investors who may be interested in buying property in the country.
Thailand announced that it would use crypto to attract tourists by allowing them to pay in crypto, but these plans will now apparently have to be scuppered. A previously announced 7% value added tax will also be postponed until 2023.
If you want to use crypto all the same, you can do so for recreational purposes only at websites such as 1xBit, FortuneJack or Bitcasino.io.