Cryptocurrency payments will be prohibited in Thailand beginning April 1, the Securities and Exchange Commission (SEC) revealed onWednesday
See associated short article: Thailand reduces crypto tax concern up until 2023 to promote market
- The SEC stated rate volatility, absence of client safeguards, cash laundering and cyber theft threats drove the choice to prohibit cryptocurrencies for payments.
- While customers will no longer be enabled to utilize cryptocurrencies to spend for items and services from April 1, companies have 30 days from the date to phase out crypto payments.
- Crypto companies will not be allowed to promote or promote crypto payments.
- The cryptocurrency market has actually just recently taken a favorable position towards the Southeast Asian country after the SEC backtracked its prepare for a 15% tax on crypto possessions following public reaction.
- In 2021, Thailand prohibited trading of memecoins, non-fungible tokens (NFTs), and social tokens.
See associated short article: Thailand to manage cryptocurrency as payment technique
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