Thailand‘s Securities and Exchange Commission (SEC) said on Wednesday that cryptocurrency payments will be prohibited from April 1.
Price volatility, a lack of customer safeguards, money laundering, and cyber theft concerns, according to the SEC, led to the decision to ban crypto from being used for payments.
While consumers will no longer be able to pay for products and services using cryptocurrency as of April 1, companies will have 30 days to phase out crypto payments.
Businesses that encourage or advertise crypto payments will be banned.
Following public outcry, the SEC reversed its intentions for a 15% tax on crypto assets, and the cryptocurrency industry has subsequently taken a constructive posture toward the Southeast Asian nation.
Thailand outlawed the trading of memecoins, NFTs, and social tokens in 2021.