Thailand Delivers First Draft Of Digital Asset Regulations

Thailand Delivers First Draft Of Digital Asset Regulations
Thailand could be just two votes away from confirming cryptocurrency and ICO regulations.

Thailand’s government issued drafts of cryptocurrency and ICO legislation as lawmakers reiterated they had no intention of banning the technology, Bangkok Post reported March 14.

As Bangkok Post and others report, Nathporn Chatusripitak, a spokesman for Deputy Prime Minister Somkid Jatusripitak, announced the two pending royal decrees, which will now go forward to approval from the Council of State as well as a cabinet vote.

The drafts themselves highlight plans to collect a capital gains tax of up to 15 percent on “digital asset” profits – defined as “cryptocurrencies, digital tokens and other assets in the form of electronic data”, according to Thailand’s Finance Ministry.

In addition, the government will require all actors involved in conducting digital asset business to be “registered with relevant authorities,” as per Bangkok Post.

The exact tax levy is yet to be decided, the publication adds, with further specific details to follow later this month.

Thailand has adopted a highly prudent approach to cryptocurrency and ICO investment in recent months.

As Cointelegraph previously reported, in February 2018, the Central Bank of Thailand ordered financial institutions not to interact with cryptocurrencies or ICOs before the new regulations had come into effect.

Two weeks later, the Thai Digital Asset Exchange (TDAX) cited the same reason as being behind its decision to temporarily pause ICO registrations.

15.03.2018 / 17:35 95
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