After the recent news of the Thailand cabinet to to tax and regulate cryptocurrencies, Thailand is in the news again regarding the cryptocurrency scenario in the country.
They will regulate the cryptocurrency transactions as well as their taxation.
Two laws to be passed
The Thai Minister of Finance, Mr. Apisak Tantivorawong, made an announcement on Thursday that the government is in full preparation to announce the regulations for cryptocurrencies and initial coin offerings (ICOs) by the end of March.
- The first law is the Act on Digital Asset Businesses. It would require the registration and know-your-customer (KYC) consent of cryptocurrency operators including agents, dealers, and brokers. Additionally, it would also impose penalties and remedies in case any violations are observed.
- The second law is the revision of the country’s Revenue Code which concerns taxation related to cryptocurrencies and ICOs
Central Bank’s Perspective
However, with the news laws and the already existing regulations on cryptocurrencies, The Bank of Thailand (BOT) said that it will not compromise or change its position regarding cryptocurrencies and ICOs.
In February 2018, the central bank forbade the financial institutions from five key cryptocurrency activities, which will remain in effect even after the regulations are in force, following which Bangkok bank and Krungthai bank subsequently terminated the accounts of any kind of cryptocurrency exchange.
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