Mark Mason
Well-known member
Thailand Set to Legalize Cryptocurrencies as an Asset, Not a Currency
Thailand’s Revenue Department is set to propose that the cabinet amend the revenue code so they may classify cryptocurrencies as digital assets and tax them at a 10% capital gains rate.
The authority to initiate the regulations is derived from a ‘royal degree’ to more comprehensively regulate cryptocurrencies and ICOs. A royal degree empowers the government to act on issues that concern public safety. In this case, power will be handed to the county’s SEC to regulate all aspects of cryptocurrencies since hence forth, “virtual coins will be classified as digital assets, not currency” within the country. Deputy Prime Minister Somkid Jatusripitak aims to issue the new law by the end of the month.
The business community has not received the news well. Adisak Sukumvitaya, chief executive at Jay Mart Plc, said the government “should announce a clear picture for the cryptocurrency regulatory [framework] at one time rather than gradually [unveil] the framework in bits and pieces.” In addition, those that seek to trade outside the country would also face money laundering when repatriating the funds.
Read more: https://www.dashforcenews.com/thailand-set-to-legalize-cryptocurrencies-as-an-asset-not-a-currency/
Thailand’s Revenue Department is set to propose that the cabinet amend the revenue code so they may classify cryptocurrencies as digital assets and tax them at a 10% capital gains rate.
The authority to initiate the regulations is derived from a ‘royal degree’ to more comprehensively regulate cryptocurrencies and ICOs. A royal degree empowers the government to act on issues that concern public safety. In this case, power will be handed to the county’s SEC to regulate all aspects of cryptocurrencies since hence forth, “virtual coins will be classified as digital assets, not currency” within the country. Deputy Prime Minister Somkid Jatusripitak aims to issue the new law by the end of the month.
The business community has not received the news well. Adisak Sukumvitaya, chief executive at Jay Mart Plc, said the government “should announce a clear picture for the cryptocurrency regulatory [framework] at one time rather than gradually [unveil] the framework in bits and pieces.” In addition, those that seek to trade outside the country would also face money laundering when repatriating the funds.
Read more: https://www.dashforcenews.com/thailand-set-to-legalize-cryptocurrencies-as-an-asset-not-a-currency/