Sunday, may 13, the government of Thailand has published a new draft law regulating the circulation of cryptocurrencies and digital assets. Entered into force the same day, and violators now risk fines or imprisonment, reports The Bangkok Post.
As stated in the document, within 90 days, all persons involved in the sale of crypto-currencies, needs to register in a special security Commission at the Stock exchange of Thailand. For violation of this provision may face imprisonment up to two years or a fine of double the amount of the transaction amount. The size of the latter could not be lower than 500 thousand baht (about $15,6 thousand).
As noted in the Ministry of Finance of Thailand, the law is aimed “at providing comprehensive regulation of cryptocurrency and digital token, and for the prevention of money laundering and tax evasion,” the newspaper notes.
We will note, earlier the Thai authorities at the legislative level, overlaid cryptocurrency transactions two types of taxes. The final version of the bill was approved by the Ministry of Finance.
The document deals with electronic items and contributions for the conduct of operations. They will be subject to VAT at 7% and tax on capital gains at 15%.
The authors of the new law have described all the possible risks in the cryptocurrency market. The aim of the project is to prevent the use of trading platforms for money laundering and tax evasion in the state budget.
It is worth noting that the authorities long time could not decide about their attitude to digital currencies. So, the Central Bank of Thailand has recommended to refrain from their use, and warned of the danger of exchange of cryptocurrency and the creation of trading platforms.
Recall that in late February the local Bangkok Bank has stopped servicing the cryptocurrency exchanges TDAX. Its decision, the Bank explained that “the activities TDAX does not match the information on the business activities of the Bank, submitted to the Ministry of Commerce of Thailand”.
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