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Thailand: Cryptocurrencies as a means of payment are prohibited

 


The crypto market has grown enormously, especially in Asia. In just one year, the market has grown by 706%. This made 14% of all crypto transactions worldwide something that made headlines in Thailand.


A report by Chainalysis shows that the Central and South Asia and Oceania crypto market has taken in as much as $572 billion in just one year from July 2020 to June 2021. More than 1 in 10 working-age internet users has owned cryptocurrencies. In Thailand, that number rose to 2 in 10.



In Thailand, users held more than $3 billion worth of cryptocurrencies this year, a huge increase compared to previous years. The transaction volume has also increased by around 600%.


Now Thailand wants to crack down on the use of cryptocurrencies starting April 1, 2022, according to a March 23 Bloomberg report. In a joint press release, the Securities and Exchange Commission of Thailand and the Bank of Thailand said:


“Entrepreneurs — including crypto exchanges — must not offer such payment services and must not trade in any way that promotes digital assets to pay for goods or services. However, the new regulation will not affect trading or investing in digital assets.”


Operators of cryptocurrencies should also stop advertising, prompting or setting up a system to make payments easier. Instead, they must warn customers against using them. The new regulations even go so far as to threaten accounts with a breach.


The move is in line with regulators' concerns regarding cryptocurrencies. It is hoped that this step will strengthen the country's financial stability and the economy as a whole.


The timing of this development is interesting as the Cabinet of the Treasury of Thailand only eased the tax burden on Thai crypto investors from April 2022 to the end of 2023 starting this month.


In addition, the cabinet has approved tax breaks, including a 7% VAT exemption, on cryptocurrency transactions on regulated exchanges in a bid to boost the crypto industry.

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