Thailand Moves towards Regulating Cryptocurrency
The Cabinet announced drafts of two laws concerning the regulation of digital assets on March the 13th. The drafts follow the Central Bank of Thailand’s ban on all major banks in the country to invest or create platforms for trading in cryptocurrencies.
The first draft called the “Act on Digital Asset Businesses” will require all crypto activity to be registered with authorities. The Finance Ministry places emphasis on this draft as without it, digital assets may be used for “money laundering, tax avoidance and crime purposes”.
The latter draft will focus on placing tax levies on digital currency and any other form of electronic data. Tax collection agencies will impose tax gains and benefits on cryptocurrencies. A business professor from Thammasat University explains that taxing the digital currencies will allow overseas trade and the potential for money laundering liability as gains are moved back into Thailand.
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Cryptocurrencies to be Regulated in Thailand
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