The SEC issues regulations to regulate digital asset businesses insists that it does not support it as a medium for payment of goods and services
According to the Bank of Thailand (BOT) and the Securities and Exchange Commission (SEC) have discussed the benefits and risks of digital assets. and saw the need to regulate and control the use of digital assets as a medium for payment of goods and services Because it may affect the stability of the financial system and the overall economy. including risks to people and businesses such as the risk of loss of value caused by price volatility Risk of Cyber Theft Risk of personal data leakage or being used as a tool of money laundering
The SEC has therefore considered exercising its powers in accordance with the relevant legal framework. To supervise the services of business operators not to use digital assets as a medium for payment of goods and services This may result in the widespread adoption of digital assets in addition to investment purposes. The SEC, at its meeting No. 3/2022, held on March 3, 2022, resolved to approve the regulation of digital asset operators to limit the service of using digital assets as a medium. Pay for goods and services which is improved according to the suggestions received from the opinions from the concerned parties. (between January 25 to February 8, 2022) to be more appropriate. and issuing announcements to prescribe rules for providing services for digital asset business operators Summary of key points as follows:
1. All types of digital asset business operators Must not provide services or act in a manner that encourages or promotes the payment of goods and services with digital assets, such as , soliciting or presenting itself to be available to pay for goods or services to merchants. or establishing a system or tool to facilitate the payment of goods and services Opening a digital asset wallet for the purpose of using digital assets as a medium for payment of goods and services, etc.
2. In cases where digital asset business operators find that Clients use accounts opened for trading of digital assets for the purpose of paying for goods and services. The business operator must notify regarding the misuse of the account and does not match the terms of service. and take action for customers who do not comply with the terms of service This includes temporarily suspending the service. Terminate the service or take any other similar action.
In this regard, the aforementioned announcement is effective from April 1, 2022, and for digital asset business operators who have already provided services under Clauses 1 and 2, business operators shall comply with the rules prescribed within 30 days from the date of The announcement comes into force.
