Bangkok, Thailand – ​The Bank of Thailand (BOT), the Securities and Exchange Commission (SEC), and Ministry of Finance (MOF) have released a joint statement regarding implementation of regulations on the use of cryptocurrencies as mode of payment for goods and services.

In a joint statement, they stated that the regulations are meant to avert potential impacts on the country’s financial stability and economic system.

“This may result in a wider adoption of digital assets as a means of payment, aside from its usage as investment, which 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,” according to the statement.

Furthermore, added regulatory guidelines will be issued for certain digital assets that are supportive of the financial system and financial innovation while not posing systemic risks. Feedback from relevant stakeholders and the general public will be taken into consideration to determine the appropriate regulatory frameworks.

For Sethaput Suthiwartnarueput, governor of the BOT, the central bank takes into consideration both the risks and benefits of digital assets, including the underpinning technologies. 

“At present, widespread adoption of digital assets as a means of payment for goods and services poses risk to the country’s economic and financial system. Therefore, clear supervision of such activity is needed. However, technologies and digital assets that do not pose such risks should be supported with appropriate regulatory frameworks to drive innovation and further benefit for the public,” he stated.

Meanwhile, Ruenvadee Suwanmongkol, secretary-general of SEC, states that the SEC, as the regulator for digital asset business operators, has a policy to promote the development of digital asset businesses alongside consumer protection and places emphasis on utilizing digital assets to develop the country’s economy and society. 

“After discussion with the BOT and MOF, the SEC has conducted a public hearing regarding the guidelines for using digital assets as a means of payment for goods and services” to determine the appropriate frameworks in due course,” she added.