According to reports, the regulatory authorities of Thailand agreed to adopt two separate laws regarding cryptocurrency and primary placements of tokens. They will regulate the crypto operations, the buying and selling of digital currencies and taxation.
The Minister of Finance of Thailand Apisak Tantivorawong (Apisak Tantivorawong) said
last week that the government is preparing to introduce a regulation for cryptocurrency and ICO to the end of this month. After the Cabinet meeting, Deputy Prime Minister of the country Somkid Geturipath (Somkid Jatusripitak) said that developed two laws.
The first law concerns the activities of cryptocurrency companies. It requires compliance with the registration requirements and rules for KYC cryptocurrency operators, including agents, dealers and brokers. The act also outlines the penalties and legal consequences of violating the law. The second law introduces an update to the tax laws of the country, including the part that belongs to cryptowall and ICO.
According to the newspaper Thai Rath, mediation cryptocurrency and ICO, the company will need to register as sources of cryptocurrency investment to combat money laundering. These organizations will be required to provide information about the transaction and names of buyers and sellers in the Bureau on struggle against money-laundering (AML). For compliance with new laws will be monitored by the Commission on securities and exchange Commission of Thailand (SEC). The publication says:
«Thai private companies that have already conducted the ICO should bring its work into compliance with the new rules within six months.»
Moreover, Apisak ordered that the Tax authority of Thailand is levied on 7% of VAT and withheld tax on dividends of 15% of income from operations with cryptocurrencies and ICO, according to the publication. Taxpayers can combine their tax liabilities associated with cryptocurrencies, with their annual income.
The Bank of Thailand (BOT) noted that they do not change their stance on the cryptocurrency and ICO. In February, the Central Bank banned
financial institutions to implement the crypto operations – this ban will remain in force despite the new regulation. Overall, however, the authorities are quite positive about the cryptocurrency industry in January of this year, Thailand was allowed
futures trading for bitcoin.