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Thailand Cabinet To Tax And Regulate Cryptocurrencies

cryptocurrency in thailand | bitcoin in thailand | cryptocurrency rules in thailand | cryptocurrency tax in thailand | bitcoin rules in thailand

Thailand’s cabinet agreed Tuesday to draft a law to oversee cryptocurrency trading, seeking to tax the largely unregulated market. The Council of State, functioning as an advisory body to Thailand’s prime minister on maters at the legislative front will be reviewing the law before it is passed to the cabinet for final approval. This can occur within a week’s time, according to the Bangkok Post.

In order to make sure that the action of the law is justified, additional feedback from various regulators in the country upon approval in principle of the decrees is going to be considered. These include :

  • Ministry of Finance
  • The Bank of Thailand
  • The Securities and Exchange Commission
  • The Anti-Money Laundering Office

Note : A royal decree is one form of legislation in Thailand, which sets rules on emergent issues that may concern public safety.

Thailand’s deputy prime minister, Wissanu Krea-ngam said:

“The latest legal effort comes amid rising illicit use of cryptocurrencies in money-laundering, crime and tax avoidance.”

But the deputy PM clarifies that it doesn’t intend to ban any cryptocurrencies. Rather, is establishing policies in order to keep the investors protected from the digital scams and frauds.

Taxation on capital gains from cryptocurrency is going to be the aim of the second royal decree. The percentage rate to applied as tax has not been decided yet, but it is going to be somewhere between 10 to 15 percent. The cabinet next week will consider the exact rates of the Capital Gains Tax.

Also Read: Japanese Cryptocurrency Investors To Pay Tax Between 15- 55% On Profits

As per the some few pieces of last news in Thailand, industry experts have been asking the Securities and Exchange Commission (SEC) in Thailand to implement more rules on cryptocurrencies.

Mr Wissanu said the Finance Ministry and the Securities and Exchange Commission (SEC) are working on other organic laws that require all digital asset transactions, including those of digital asset exchanges.

Also Read: Special Laws For Cryptocurrencies To Be Introduced In Thailand

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