Bitcoin Co Limited To Trade Again In Thailand

by Admin on February 18, 2014

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According to an article on Coin Desk the Bank of Thailand may have given Bitcoin Co Limited permission to start trading in bitcoins again after services were suspended in August 2013.

Bank of Thailand officials had previously stated that  bitcoin violated Thailand law, meaning the company had to re-market  itself as a bitcoin mining equipment re-seller.

However, David Barnes, managing director of Bitcoin Co LTD, released this statement“After we received an update from the Bank of Thailand, we decided it was appropriate to restart our business, which had been on hold since August 2013”. 

According to Thailand business lawyers, Chaninat & Leeds regardless of the decision of the Bank of Thailand officials, as a practical matter bitcoin transactions may present a problem for Thai businesses with regard to Thailand taxation and money laundering laws. This is because the Thailand taxation system  requires physical evidence of receipts that contain detailed information of the transaction.  Thai businesses using bitcoin may encounter obstacles when filing taxes in Thailand. Further large transactions may be subject to Thai and international money laundering laws.

Read the full report here

 

 

 

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