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Digital assets will be used as payment in Thailand

Earlier this year Indonesia also warned financial firms not to offer services related to cryptocurrencies.
In some countries, there is strictness regarding digital assets. In this series, Thailand has banned payment through digital assets for goods and services from 1 April. Thailand’s Securities and Exchange Commission (SEC) gave this information. This was agreed upon in the SEC’s discussion on digital assets with the Bank of Thailand (BOT).

According to a Reuters report , the SEC said in a statement that it had discussed with the BOT the need to regulate such activity by its digital asset-linked firms. Such activities can have an impact on the financial stability and economy of Thailand. BOT has previously stated that it does not support cryptocurrencies. Earlier this year Indonesia also warned financial firms against offering services related to cryptocurrencies.

Cases of crypto-related scams have also increased in many countries. A recent report by research firm Chainalysis said that $7.7 billion was defrauded through these scams last year. The US Justice Department recently announced the launch of an FBI unit to investigate blockchain analysis and fraud involving virtual assets. The department had caught a major case of fraud last month. In this, a New York couple is accused of laundering more than $ 4.5 billion (about Rs 33,750 crore) of bitcoins. These bitcoins were stolen by hacking the digital currency exchange Bitfinex about six years ago. Regulators under President Joe Biden have increased scrutiny of the cryptocurrency industry following a cyber attack on America’s largest fuel pipeline network last year.

Recently, this direct warning was given by the EU authorities to the people regarding crypto assets. This indicated that those investing in crypto do not have any protection or compensation provision under the Financial Services Act of the EU. Regulators are concerned that the number of people investing in cryptocurrencies, including Bitcoin and Ether, continues to grow.

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