At the start of this week, the regulation of bitcoin and other cryptocurrencies (including ICOs) took effect in Thailand. The country’s tax code has also been updated to include taxation of cryptocurrencies at 15%, according to local media.
Explained Thailand’s Finance Minister Apisak Tantivorawong:“It [the decree] was not meant to prohibit cryptocurrencies, initial coin offerings (ICOs) and other digital asset-related transactions, but to protect investors.”
The main thrust of the degree is to regulate crypto operators like any other financial institution.
Reported the Bangkok Post:“These licensed operators of digital assets are deemed financial institutions under the anti-money laundering law.
The SEC has a wide-ranging power to stipulate rules to implement the decree, including regulations concerning calculation of the value of digital assets into Thai baht, and issuing and offering digital tokens for sale and the conduct of digital asset business.
The operator of digital asset business must follow the rules common to financial institutions [to absorb risk, protect investors, and prevent fraud and money laundering].”
According to the new decree, all cryptocurrency operators will be regulated by the Thai Securities and Exchange Commission (SEC), and are required to register with the SEC within 90 days from May 14.
Bitcoin.com summarizes the key responsibilities and authority of the SEC under the new decree:“The first is to regulate the issuance and offering of cryptocurrencies and digital asset businesses. The second is to set the fees and requirements for the registration and approval of cryptocurrencies and their operators. The third is to establish a guideline for dealing with potential problems. The fourth concerns all other areas not previously mentioned.”
The Bangkok Post reported that operators in violation of the regulations face serious penalties:“Dissemination of false or misleading information related to the financial condition or operating performance of an offer or of digital tokens or material features of the tokens themselves that could affect their prices or a decision to invest is punishable by a two-year jail term or a fine from 500,000 to 2 million baht.”
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