Crypto Law in Thailand. If most countries are complicated enough to formulate crypto law, in Thailand the process is true without any lengthy debates. Generally, a long debate to formulate related crypto legislation on the assessment of whether crypto is categorized as securities or not.
Since last April, the Thai Government has also taken seriously to immediately regulate the market for crypto. By Thai finance minister, Apisak Tantivorawong at a cabinet meeting at that time, had already announced a crypto currency regulation plan.
As a result, the Thai government uses a crypto law that is. The cryptocurrency and digital tokens commonly referred to through the ICO program are viewed as a digital asset business. Not only that, the Thai Government is also ready to change their tax laws, in order to take revenue from new industries in the segment.
Thai government regulations, in detail regulate the rules of business related to the crypto world such as exchanges, brokers, as well as about ICO regulations (Initial Coin Offerings). Specifically about this ICO, later the ICO token must be paired with one of seven specified crypto currency. The seven crypto currencies are like Bitcoin, Ethereum, Ethereum Classic, Litecoin, Stellar, Bitcoin Cash, and Ripple.
With regard to its tax withdrawal, the Government will withdraw 15% as taxes taken from profits. More specifically, the tax for digital asset trading is subject to 7% for VAT in each trade.
VAT tax withdrawal in each crypto trade is then considered to be enough to inhibit new industries later to be able to grow. One of the law firms that has clients from the crypto industry, Baker McKenzie rate VAT should be eliminated. According to him, the tax-specific withdrawal rules for trade are the rest of the old tax rules.
Broadly speaking, the steps taken by the Thai Government on regulation of crypto currency is a bold step. But in connection with the regulation, the Securities and Exchange Commission of Thailand is trying to be able to balance between the pros and cons Crypto.
In addition, if through the crypto law is too tight, it will cause new industry players will choose to run overseas. With these efforts, the Thai government has tried new opportunities to compete with other countries that project as a crypto center. Other countries such as Japan, South Korea, and also Taiwan@ BPI
