Thailand Drafts Crypto Regulations, Tax For Crypto Assets Eyed

Mar 16, 2018 at 16:00

The government of Thailand issued drafts for legislations that involve regulations for cryptocurrencies and initial coin offerings (ICO) as the country’s lawmakers reiterated that the technology will not be banned in the nation.

According to a report from the Bangkok Post, Nathporn Chatusripitak, a spokesman for Thai deputy prime minister Somkid Jatusripitak, announced that the pending royal decrees are set to get an approval approval from the Council of State as well as from the Cabinet.

Likewise, the report cited that Thailand’s Finance Ministry expressed that the proposals also laid out plans to collect capital gains tax of up to 15 percent on digital asset profits including cryptocurrencies, digital tokens and other assets in the form of electronic data.

The legislations are also said to require all actors in the country involved in conducting digital asset business to be registered with relevant authorities, a move that is seen to further assure legitimacy of ICOs endorsed by celebrities.

However, exact tax levy that will be slapped for crypto transactions is yet to be decided as more details are expected to be released later this month.

It can be recalled that Thailand has been prudent in its approach to regulate cryptocurrency and ICO investments.

Last month, the Central Bank of Thailand and the Thai Digital Asset Exchange urged financial institutions not to interact with cryptocurrencies or ICOs before the new regulations had come into effect.