[2018-03-17] Thailand to Pass Two New Cryptocurrency Laws

[Terraformer]

Thai regulators have reportedly agreed to enact two separate laws on cryptocurrencies and initial coin offerings. They will regulate crypto businesses, the purchase and sale of cryptocurrencies, as well as their taxation.

Two Laws Being Drafted

The Thai Minister of Finance, Mr. Apisak Tantivorawong, said on Thursday that the government is preparing to announce the regulations for cryptocurrencies and initial coin offerings (ICOs) by the end of this month, Channel 7 news reported.

After the cabinet’s meeting, the country’s deputy prime minister, Mr. Somkid Jatusripitak, explained that two laws are being drafted, according to Thai Rath newspaper.

The first is the Act on Digital Asset Businesses. It requires the registration and know-your-customer (KYC) compliance of cryptocurrency operators including agents, dealers, and brokers, the news outlet detailed. It also imposes penalties and remedies for violations.

The second is the revision of the country’s Revenue Code which concerns taxation related to cryptocurrencies and ICOs, the publication described.

Continue reading >> https://news.bitcoin.com/thailand-pass-two-cryptocurrency-laws/

[1Referee]

It's a bit disappointing seeing how little they actually came up with. I expected more, and especially when it comes to financial institutions. Plenty of exchanges there were depending on their bank accounts because of ICO launches and whatnot, but that yet again can't be taking place, and who knows when it will (if ever). I am fairly sure that exchanges there will either make use of foreign bank accounts willing to offer their services to Thai exchanges, or the exchanges themselves will relocate their operations in order to avoid this their shitty banks. Their tax terms however don't really seem to be that outrageous compared to other countries. 22% is even less than what I had to pay lol. At the end of the day, these regulations have only one purpose, and that's tightening possible gaps and loopholes to avoid situations where people on purposely don't pay their taxes. Control & legal theft.