The government of Thailand approved the draft Royal decree regulating the market the ICO and cryptocurrency, as amended. In it, compared to the previous version of the document, has changed the definition of digital assets, which now refers to “crypto-currencies and other digital tokens”, but remained the same structure of tax collection. With captainvalor plan to charge 7% VAT and 15% tax on capital gains and profits from investments in digital assets. Retail investors who trade cryptocurrencies on cryptomeria, VAT will be exempted.
According to the document, for the implementation of activities in the field of cryptocurrency, you must obtain the appropriate license. In addition, participants of stock market expect regular reports on counteraction to laundering of funds obtained by illegal means. After the publication of the decree in the Royal Gazette he will have the status of law.
According to the Minister of Finance Arisaka Tantivorawong (Apisak Tantivorawong), the purpose of the law is not to restrict the ICO and cryptocurrency, and to protect investors and to prevent money laundering, tax evasion and other illegal actions related to cryptocurrency. At the same time, the Ministry of Finance and the Commission on securities and stock exchanges of Thailand, the laws providing for the registration in state agencies of all transactions with digital assets.
Recall that in mid-February, the Bank of Thailand has asked financial institutions in the country to refrain from transactions associated with cryptocurrencies.
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