Eternity Law International News The cryptocurrency in Thailand

The cryptocurrency in Thailand

Published:
July 5, 2018

The Ministry of Finance of the State is carrying out a program to regulate the circulation of cryptocurrency assets, now it will not be easy for traders to obtain cryptocurrency in Thailand. Experts understand the intricacies of the new tax policy of the state.

The meeting of the Cabinet of Ministers was held on March 27, it was devoted to the consideration of the introduction of a modern system of taxation, investment and trade in cryptocurrency. Apisak Tantivorawong announced the results of the work carried out and announced the introduction of a new tax base for transactions with cryptocoins.

GAME BY NEW RULES

The new rules oblige cryptotraders to make taxes in good faith at such established rates:

– 7% – VAT, applies to transactions with virtual currency;

– 15% – on capital gains from net profit.

The Cabinet accepted decrees about  transfers with electronic currency, issued by the Supreme court.

The Nikkei agency informs that the Thai government is preparing a platform for monitoring the domestic ICO area and the decentralized currency. Soon AML programs are activated, with help of these measures are going to monitor the timely imposition of  digital assets using tax.

Deputy Prime Minister Vissan Krea-Ngam drew public attention to the introduction of new norms of the tax base does not provide for restrictions and prohibitions on the activities of cryptotraders, the development of cryptocurrencies and ICO.

Commenting on the tightening of legislation, Thailand’s ex-minister and the current chairman of the Thai Financial Technologies Association, Karim Chakikawani, noted that the government has chosen the path of tough conservative decisions.

Already, promising Thai entrepreneurs have chosen to register new start-ups for countries such as Singapore, where the regulation of operations with cryptocurrencies is more loyal.

For more information and assistance, contact the experts of Eternity Law International.

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