Thailand's securities regulator has announced that it is banning the use of cryptocurrencies to pay for goods and services, AP reports.

The ruling, which comes into force on April 1, does not prohibit investments in cryptocurrencies, which are becoming increasingly popular as they are promoted by local exchanges.

The Securities and Exchange Commission said it was taking steps to protect the stability of the country's financial and monetary systems from threats, including money laundering and other cybercrimes. The ruling also specifically prohibits the promotion of cryptocurrencies for payment, as well as the distribution of software and devices for this purpose.

Operators of digital asset businesses must warn their customers of the ban and may have accounts suspended if they violate the rules.

Businesses must comply with the ban until the end of April.