Thailand to Regulate Cryptocurrency

Thailand cryptocurrency

The Thai government has announced it will be passing 2 separate laws concerning cryptocurrencies and Initial Coin Offerings (ICOs). The laws aim to regulate the purchase and sale of cryptocurrencies as well as crypto-related businesses and the taxation of digital assets.

Apisak Tantivorawong, Thai minister of finance, announced that the government is preparing to launch two new cryptocurrency and ICO legislative frameworks. The laws should be ready to pass through congress at the end of the month.

The fist law is the “Act on Digital Assets Businesses”, which will require cryptocurrency, agents, dealer and brokers to comply to know-your-customer (KYC) guidelines. It also details the penalties and modification required in case of a legal violation.

The second law will be related to the taxation of digital assets. The law is a revision of the Thai revenue code, which will add cryptocurrency and ICO investment regulation to the existing fiscal code.

The Thai central bank will not change its position concerning cryptocurrency and ICOs. In February 2018, the central bank had banned all Thai financial institutions from “investing or trading in cryptocurrency, exchanging cryptocurrencies, creating platforms for cryptocurrency trading, allowing clients to use credit cards to buy cryptocurrencies, and from advising customers on cryptocurrency investing or trading.”

Other countries such as India and The United States have hinted towards the fact that they would regulate the cryptocurrency market in the near future.

 

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