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.

Previous story

14 May, 2018 15:42

← Consensus 2018 to take place in New York

A 3-day blockchain conference is about to start in New York on May 14. Consensus 2018 is the major global crypto and blockchain even. Like in the previous years, the conference was organized by CoinDesk. In fact, this is their fourth such event, but this one is said to become more massive and impressive by participants. 

Consensus 2018 to take place in New York

Next story

14 May, 2018 10:59

US dollar down following lower state-bond yield →

US dollar has posted weakening vs the majors this week. The negative dynamics are related to falling state-bond yield in the USA. Besides, markets are also expecting the release of retail sales data in the USA and Japan's GDP figures to be made in the course of the week. These reports can be the new locomotives for the trading.

US dollar down following lower state-bond yield
Write a comment
 
Prove you’re not a bot + 5 = 18