Author: Kellah Ghee, Philippines
Thailand has now commenced the crypto law that regulates cryptocurrencies and initial coin offerings or ICOs. This decree was approved by the country’s cabinet since March.
In accordance with the revised Revenue Code No. 19, there will be an implemented tax at 15% in all of the crypto-related activities.
Minister of finance, Apisak Tantivorawong, mentioned this in the reports of Bangkok Post:
“It [the decree] was not meant to prohibit cryptocurrencies, initial coin offerings (ICOs) and other digital asset-related transactions, but to protect investors.”
In February 12, the central bank of Thailand “had asked financial institutions not to get involved in cryptocurrency transactions for fear of possible problems from the unregulated trading,” according to Reuters.
A circular was made by the central bank’s governor, Veerathai Santiprabhob, that all banks are not allowed to offer cryptocurrency exchanges and services, and to invest and trade in the said technology.
Credit cards are also won’t be permitted to buy cryptocurrency. The country’s central bank ensured that money laundering won’t happen by using crypto exchanges.
In the reports of Matichon, Thai Securities and Exchange Commission (SEC) will hold the authority and to secure that no potential problems will inaugurate under the crypto law regulations.
The SEC will also see and set corresponding fees and conditions for a digital business be approved.
Starting today, SEC ordered that within 90 days, all crypto seller should be verified and registered to their knowledge.
“Sellers of digital tokens unauthorized by the SEC will be fined no more than twice the value of the digital transaction or at least 500,000 baht [15,703 USD].”
Not only that, offenders will also face an imprisonment up to two years.
There is no further announcement that the SEC revealed. The Bank of Thailand or BOT advised waiting for more details of these new set of regulations and orders.