Thailand Eyes Regulating Cryptocurrency as Payments

Thailand is planning to regulate the use of digital assets as payments for goods and services to keep an eye on its risks on the country’s financial markets, its central bank and market regulator said on Tuesday.

Businesses that are setting up payment schemes to use digital assets for their services could influence a more widespread practice, the Bank of Thailand (BOT), the Securities and Exchange Commission (SEC), and Ministry of Finance (MOF) said in a joint statement.

The agencies added that such widespread practice “could potentially impact financial stability and the overall economic system.”

“The use of digital assets in this manner could also pose further risks to consumers and businesses through price volatility, cybertheft, personal data leakage, or money laundering,” among others, the statement read.

Charuphan Intararoong, assistant secretary-general at the Securities and Exchange Commission (SEC), told reporters that there will be a public hearing until Feb. 8 on the new regulation before it is effective.

The regulation will not yet include transactions using digital assets between merchants and customers and will still allow trading in cryptocurrency, Charuphan said.

The announcement came amid a boom in trading and usage of cryptocurrencies in Thailand.

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