On March 13^th, 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.

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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.

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The Securities and Exchange Commission has been chosen as the authoritative power over cryptocurrency regulation, due to the decades of experience it has had in the development of virtual currency in Thailand. They are currently in the process of drafting up guidelines for ICO’s, which should be ready later this month.

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In addition to the draft, a royal decree must also be passed to give the law regulatory power. Mr. Korn Chatikavanij, chairman of the Thai Fintech Association, has voiced his full support for the SEC to oversee the regulations as they already have a “profound understanding of digital assets”.

The SEC states that Thailand is an ICO friendly country and those involved in the digital currency market also agree that ICO’s need to be regulated through dedicated portal based in Thailand.

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