Bank of Thailand and SEC conduct public hearing on use of crypto to pay for goods and services

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The two agencies and other related governmental units determined that regulating these digital assets is necessary to protect consumers from their high volatility.

The Bank of Thailand (BoT) and the Securities and Exchange Commission (SEC) are currently holding a public hearing on recently drafted regulations preventing the use of cryptocurrencies to pay for goods and services.



The two agencies and other related governmental units determined that regulating these digital assets is necessary to protect consumers from their high volatility.

The SEC, which is in charge of the draft, explained that these codes will not affect investors, but will prevent digital asset entrepreneurs from using them to exchange goods or services. The following are the draft regulations:

  1. Digital assets business operators are not allowed to advocate that their goods or services can be paid by digital assets.
  2. They are not permitted to create a system that allows for the exchange of goods or services for digital assets.
  3. Businesses are not permitted to provide electronic wallet services for digital assets in order to exchange them for goods or services.
  4. Businesses may only be permitted to convert digital assets in the baht currency.
  5. Transferring digital assets from one account to another for the purpose of paying for goods or services is not permitted.
  6. Businesses are not permitted to promote the use of digital assets for the exchange of goods or services.



Those who wish to voice their opinions about the drafted regulations can send them to the emails [email protected] or [email protected] from now until February 8th. If the regulations are approved after the hearing, they will go into effect 15 days after they are officially promulgated. (NNT)