Thailand to issue virtual money regulation

[ratnawide]

many rumors say that Thailand will issue virtual money regulation to protect investors in the country? is this true or is there any other purpose with it?

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[Disclaimert]

many rumors say that Thailand will issue virtual money regulation to protect investors in the country? is this true or is there any other purpose with it?

what other purpose do you mean, in my opinion that is a very good thing. the country is already eager to protect investors from fraud. there is no purpose other than for the security of investors

[pooya87]

it depends on what you heard! regulations are coming in every country without an exception. but they differ from each other. for example in Japan bitcoin is considered a currency so the regulations are according to that, in US it is a commodity so it is different, in Bangladesh it is illegal so it is different there too!

and by the way "Virtual Money" is not technically correct because there is nothing virtual about bitcoin. the correct term is "Crypto Currency".

[hrz]

this is a positive idea by legalizing digital currencies like bitcoin, so investors in that country will grow.

[boboking]

As of now this is just rumors but most likely it will come to fruition. Most countries  who recognize bitcoin and crypto currency are studying what they can do to regulate and protect investors. Somehow other people are still thinking that regulation is bad for crypto but I think regulation will help crypto currency grow. It will also make it safer to invest in crypto currency.

[Sweetyeds84]

I think that was a good sign that your country already start accepting cryptocurrency or bitcoin. And if they saw that there are a good intention  in this field maybe in the future your country will also help and accept bitcoin.

[ratnawide]

I think that was a good sign that your country already start accepting cryptocurrency or bitcoin. And if they saw that there are a good intention  in this field maybe in the future your country will also help and accept bitcoin.

maybe it looks good but is it possible that this country has other goals like the south korea that is inconsistent with the regulations they have made. as if they were toying with bitcoin prices

[Btcwashu]

I think that was a good sign that your country already start accepting cryptocurrency or bitcoin. And if they saw that there are a good intention  in this field maybe in the future your country will also help and accept bitcoin.

maybe it looks good but is it possible that this country has other goals like the south korea that is inconsistent with the regulations they have made. as if they were toying with bitcoin prices

The Thai government has given its approval for the long-waited tax framework that stipulates cryptocurrency transactions regulation in said country. The announcement was made by the Ministry of Finances Apisak Tnativorawong, through local news outlet Nikkei Asian Review. According to it, Tantivorawong asserted that during a meeting of the cabinet on March 27, it was proposed that Thailand’s Revenue Department should collect the value-added tax (VAT) – that is, the 7% on digital currency transactions, and 15% on the possession of cryptocurrencies and any amount raised from an ICO; however this measure will not apply to retail investors.

[Coffeehot]

the government began to regulate cryptocurrencies , and at the same time they may start taxing cryptocurrencies . this has already begun in the USA and south korea . so the privacy currency may receive welcome in the future .

[babarian]

I think that was a good sign that your country already start accepting cryptocurrency or bitcoin. And if they saw that there are a good intention  in this field maybe in the future your country will also help and accept bitcoin.

maybe it looks good but is it possible that this country has other goals like the south korea that is inconsistent with the regulations they have made. as if they were toying with bitcoin prices

The Thai government has given its approval for the long-waited tax framework that stipulates cryptocurrency transactions regulation in said country. The announcement was made by the Ministry of Finances Apisak Tnativorawong, through local news outlet Nikkei Asian Review. According to it, Tantivorawong asserted that during a meeting of the cabinet on March 27, it was proposed that Thailand’s Revenue Department should collect the value-added tax (VAT) – that is, the 7% on digital currency transactions, and 15% on the possession of cryptocurrencies and any amount raised from an ICO; however this measure will not apply to retail investors.

does this include expensive? the tax for ownership of crypto currency reaches 15% including bounty results, then with taxes of that size what is the benefit for the owners of crypto currency in thailand?

[StevenPop]

A lot of people seem to be against regulations in the market but I think that regulations would be good for the market really. Regulations will help stop a few people from manipulating the entire market to their favor.

[sky9314]

In the long run, this is a good thing. We will avoid the losses caused by many scam ICOs, clean up those unrealistic projects, let the real powerful projects survive better, and concentrate funds on those promising projects. Instead of investing in those air projects.

[Al-e_x]

I think it is the right news, the public demand there for crypto is very high, many ICO CEOs are from Thailand, like policypal CEO.

and I think Thailand will set crypto well.

[KingScorpio]

many rumors say that Thailand will issue virtual money regulation to protect investors in the country? is this true or is there any other purpose with it?

the countries billionaires, will then lobby towards impossible to achieve licenses that they give only to themselves, and rule over the country like a neomonarchs for eternity.

trusting them is like trusting communism, that system wont work in the end.

[samantadegrenet]

Every time a country decides to regulate cryptocurrencies without a strictly prohibitive vision, it is good news for the system. The rules that defend investors without prohibiting agree with everyone.

[ratnawide]

many rumors say that Thailand will issue virtual money regulation to protect investors in the country? is this true or is there any other purpose with it?

the countries billionaires, will then lobby towards impossible to achieve licenses that they give only to themselves, and rule over the country like a neomonarchs for eternity.

trusting them is like trusting communism, that system wont work in the end.

Could it happen? the billionaires in a country can eventually regulate the country after regulation of bitcoin? whether the economy of the country will be disrupted?

[Kprawn]

Regulation is not necessarily a bad thing. It is better if governments implement some guidelines to investors in their country,

because the uncertainty will hold back innovation. How can you start a major Crypto currency business in your country, if you

do not know what the laws and the rules are? You cannot break the law, if you know what the law is.... right? Let them do

their part, so that Bitcoin can prosper under the right circumstances. 

[Paul karet]

many rumors say that Thailand will issue virtual money regulation to protect investors in the country? is this true or is there any other purpose with it?

it might just protect investors. but actually, the most common Bitcoin weakness lies in its user error. Bitcoin wallet data that holds private keys can be erased accidentally, lost, or stolen. This is similar to physical cash stored in digital form. Fortunately, users can apply security measures to protect their money or use the services of providers that offer high-level security and insurance against theft or loss.