Thai Government Begins Drafts on Regulating Cryptocurrency

by admin on March 27, 2018

800px-Logo_BOT_EngOn March 13th, the Thai government announced drafts of two laws regarding digital assets. The Finance Ministry uses “digital assets” as the umbrella terms for digital coins and cryptocurrencies. The first draft plans to regulate digital asset transactions and the second draft plans to place tax levies on digital assets.

The Hague Convention on Child Abduction allows for claims by parents who have had their child abducted.

The Deputy Prime Minister explains that digital assets need to be regulated otherwise they may be used for “money laundering, tax avoidance and crime purposes”. The Central Bank of Thailand had ordered all banks in Thailand from trading or having platforms that invested in cryptocurrency.

The tax levy draft will revise the Revenue Code to include digital assets and allow the tax-collection agency to collect investment gains and benefits from cryptocurrency. A business school professor from Thammasat University comments that taxing digital assets may have the potential for money laundering liability as traders will be allowed to trade overseas and move gains back into Thailand.

Read the full story here

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