The Securities and Exchange Commission of Thailand has decided to restrict all payments using cryptocurrencies effective April 1, 2022.
The announcement made today is based on two main reasons:
Misappropriation of money
The difficulty of the central bank to intervene and offer assistance
However the Thai supervisory agency insisted it was only a restriction on payments using crypto assets, not involving crypto trading and digital assets.
At the same time, the agency described digital assets as failing to offer efficiencies in market payments due to uncertainty and high transaction costs.
Earlier the Thai authorities announced plans to oversee the payment of digital assets.
But Thailand’s latest results turned out to be different from today’s announcement.
In fact, they also set a value added tax (VAT) exemption of 7% from March 7, 2022 to 2023 for all registered crypto exchanges.
