Eternity Law International News Crypto regulation in Thailand

Crypto regulation in Thailand

Published:
January 24, 2023

In Thailand, sphere of cryptographic-currencies is quite developed. There’re many tools helping in purchasing, vending and trading digital money. But crypto regulation in Thailand is quite strict.

Main aspects of regulation on digital-asset license in Thailand

In accordance with Thailand and cryptocurrency regulation, cryptographic monetary means in this country isn’t currency. These’re digital-assets being able to be released, sold and exchanged through special operators with permission. Now SEC implemented several crypto-currencies, including Bitcoin, Stella, etc., and made it possible to legally use them.

  1. All crypto-currency exchanges disclose users’ data whenever transactions are made between companies.
  2. Newly produced crypto-tokens need to possess SEC approbation provided with draft-prospectus, and registered accordingly.
  3. Tokens are released via a portal that is approved by the SEC.

Taxation for digital-asset licenses in Thailand

Any profit received as a result of the sale or exchange of crypto-currencies is covered by taxes, as specified in governmental Decree and its amendments. Crypto-currency is impalpable asset with a capital gain, and you need to pay 15% for income from it. The law applies to both citizens and non-residents. Often, people who are taxpayers match these incomes on their annual-tax-returns and fees withheld are credited against their tax-liability. At same time, there isn’t law-ground with a fixed tax-rate on increase in profits from crypto-currency deals produced by legal-entities.

Crypto-currency exchange license in Thailand: KYC-mechanisms

  1. Recently, Thai authorities have begun demanding crypto-exchanges to identify their clients prior to creating accounts or conducting new operations.
  2. To confirm your identity, you need to indicate contacts, DOB and residence, passport details, type of employment, client’s work address, etc. The exchange stores data for 10 years.
  3. Also, exchanges need to announce strange deals exceeding 2 million baht. Now it’s all done online.

Crypto-currency exchange registration in Thailand: is it legal?

In 2022, jurisdiction passed a law banning payments for goods using cryptographic currencies, for the reason this adversely affects the economic situation. All deals with digital-assets need to now go exclusively through special operators with accreditation.

The Thai Central Bank, which regulates all banking institutions in the country and currencies, is cautious about crypto-currencies. There’s a certain zone, the so-called “sandbox”, where large banks and other companies can experiment with such money, while maintaining the safety of customers. Central Bank recommends being wary of risks and volatility of digital-industry. 

prices of such assets can change very quickly, and this difference can be very large. Today, the cost can rise, and tomorrow it can drop to zero. But at the same time, Central Bank is creating its own cryptographic-currency in order to present it to public and improve business-services.

Crypto-operators with crypto-exchange license in Thailand

There’re several digital-currency-operators in Thailand. Largest are Bitkub and Satangcorp, which are licensed by SEC. On such exchanges, you can buy, sell and exchange assets legally. At the same time, there is no need to take into account the income that was received from these operations and pay 15% income tax for them.

Our specialists can provide you with comprehensive advice on any issues related to such an aspect as cryptoregulation in Thailand. Contact our company, and our experts will become your reliable guides if you want to get crypto blockchain license in Thailand. We also have many shelf companies and licenses to sell in hundreds of jurisdictions.

Can I withdraw crypto-currency in Thailand?

You may withdraw crypto-currencies through specialized services or resort to the help of professional companies. Our experts will tell you how to realize your commercial ideas in the most profitable way.

Is crypto-currency available in Thailand?

Operations with cryptocurrency-assets are available in jurisdiction. Both enterprises and individual-entrepreneurs can use these tools.

Is crypto-trading allowed in Thailand?

It’s permitted to trade with crypto-currencies. To do it, company must obtain the appropriate license. With our assistance, you can purchase a ready-made license for crypto business.

How is crypto-trading carried out in Thailand?

Trading operations with cryptoassets are carried out through special exchanges, which are also subject to mandatory licensing. The acquisition of a ready-made business makes it acceptable to quickly join crypto-industry and save a lot of monetary means.

You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.

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