​In a recent press release, the Bank of Thailand (BOT), the Securities and Exchange Commission (SEC), and Ministry of Finance (MOF) have come together to review the benefits and risks of digital assets as a means of payment for goods and services.

The usage of cryptocurrencies will be regulated with issued guidelines to prevent any potential impacts on the country's financial system, according to the announcement.

Digital asset firms have expanded their business to include the use of cryptocurrency as a means of payment for goods and services and have facilitated setting up of cryptocurrency payment system for businesses.

However, it is stated that a wider adoption of cryptocurrency as a means of payment, could potentially affect the financial and overall economic system.

Moreover, the wide use of digital assets could also add further risks to users through price volatility, cybercrime, privacy, money laundering, and so on.

Thailand's SEC is seeking public comments and suggestions on digital assets until 8th of February.

Subsequently, transferring assets between accounts will be limited; for instance, proceeds made from selling digital assets can only be transferred to the account of the seller.

Currently, wide 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," Mr. Sethaput Suthiwartnarueput, Governor of the BOT said.