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Thai Bitcoin Exchange Reopens

posted February 18, 2014 / 3 Comments

Thailand-based bitcoin exchange Bitcoin Co LTD has formally resumed services after receiving a letter on 31st January from the Bank of Thailand (BoT) according to Coin Desk.

It had previously been believed that bitcoin trading was contrary to Thai law but according to Coin Desk the letter from the Bank seems to suggest this is no longer the case, although in the absence of any new/amended laws or regulations, it is unclear precisely what has led to this development or what the current legal position really is.

According to Thailand business lawyers, bitcoin transactions may cause problems for businesses with regards to Thailand taxation and money laundering laws as the Thailand taxation system requires physical evidence of receipts that contain detailed information of the transaction.

Read the full report here.

Related Documents:

Thailand Currency Act

Financial Institution Business Act 2008

Bank of Thailand Act

Thailand Exchange Control Act

Limited Company Law of Thailand

Public Limited Company Act B.E.2535

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