Thai authorities pass crypto sales law

Posted 14 May, 2018

Thai authorities announced new ruling aimed at regulation of currency turnover, which came into force on the same day. Under the new law, its violation can result in huge fines or imprisonment.

According to the released document, everyone dealing with crypto sales has to register with the SEC within 90 days, otherwise the breaker can face either a fine of at least THB 500,000 ($15,600) or up to 2 years in jail. 

Earlier, the authorities proposed two taxes on crypto transactions, with the final law being approved by the Finance Ministry.

As a result, the law regulates deals with e-assets and transaction fee payment. The transactions will be subject to 7% VAT and 15% capital gains tax.

According to the news media, the new law covers all possible risks in the crypto segment and is aimed at preventing illegal activities with cryptocurrencies, including money laundering, and tax evasion.

Thailand has been deciding on the position towards crypto segment for a long period of time. In particular, the regulator had recommended not to use digital coins. 

In late February, Bangkok Bank stopped providing services to TDAX crypto platform, citing that the exchange activity did not correspond to the bank's business area reported to the state authorities.

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14 May, 2018 15:42

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