Thailand will prohibit the use of digital assets as a form of payment starting in April, according to the Securities and Exchange Commission.

Thailand’s market regulator announced on Wednesday that from April 1, digital assets would be prohibited from being used to pay for goods and services.

The action follows prior conversations between the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT) about the need to regulate such behaviour by digital asset company operators since it might threaten the country’s financial stability and overall economy, according to the SEC.

It stated that operators of digital asset businesses who provide such services must comply with the new guidelines within 30 days of the effective date.

The BOT has stated numerous times that it does not accept cryptocurrency as a form of payment. Later on Wednesday, it will offer a briefing on regulatory requirements for banks’ digital asset activity.

In January, the Indonesian regulator issued a warning to financial organisations not to offer or support crypto sales, despite a surge in its use.