The Deputy Prime Minister of Thailand , Wissanu Krea-ngam, has called
for the enhancement of cryptocurrency regulations in the country.
Speaking during the fourth regional Counter-Terrorism Financing
Summit which took place in Bangkok, Wissanu argued that there was a
need for more domestic and international legal measures to be put in
place to prevent the misuse of cryptocurrencies.
In the summit which was hosted by Thailand’s Anti-Money Laundering
Office in partnership with other regional bodies, Bangkok Post
reported that Wissanu urged terrorism and anti-money laundering
experts not to be complacent. Instead, the Thai English publication
reported, they ‘should update their knowledge so they will not lag
behind criminals’.
Updates Needed
According to Wissanu, the largely anonymous nature of cryptocurrencies
makes it difficult for authorities to identify the bad actors. But
while the Thai government has enacted various measures intended to
catch up with the technological changes such as the executive decree on
digital asset businesses, there is a need for amendments to the
existing laws.
So far, Thailand has made several moves this year aimed at regulating
not just cryptocurrencies but also Initial Coin Offerings (ICOs). In
March, the country’s cabinet gave approval to two royal decrees which
imposed capital gains taxes on cryptocurrency investments as well as
regulating crypto transactions.
https://twitter.com/CryptoCoinsNews/status/974236460483317762
The initiative was driven by Wissanu who, just like during the recent
summit, argued that the regulations were necessary to prevent tax
evasion, money laundering and other illegal acts conducted using
cryptocurrencies. At the time, Wissano clarified that the
cryptocurrency decrees were not aimed at prohibiting the nascent
technology or ICOs but rather to safeguard users and investors.
Cryptocurrency Taxes
In April, the country’s Ministry of Finance unveiled the proposed tax
rates with the capital gains tax being set at 15%. A Value-Added Tax
(VAT) of 7% was also slapped on cryptocurrency trades as CCN
reported at the time. However, the move to impose VAT on
cryptocurrency traders elicited an outcry and Thailand’s Revenue
Department was forced to waive the tax for individual traders using
approved trading platforms.
“The Revenue Department will waive value-added tax for people
trading in cryptocurrencies on exchange markets approved by the
Securities and Exchange Commission (SEC),” stated an excerpt of a
report at the time.
The tax proposals of Thailand’s Ministry of Finance had also
generated controversy over the fact that firms raising funds via an
ICO would also be required to pay income tax on those funds. This was
deemed unfair since firms undertaking an Initial Public Offering do
not pay income tax on the funds so raised.
for the enhancement of cryptocurrency regulations in the country.
Speaking during the fourth regional Counter-Terrorism Financing
Summit which took place in Bangkok, Wissanu argued that there was a
need for more domestic and international legal measures to be put in
place to prevent the misuse of cryptocurrencies.
In the summit which was hosted by Thailand’s Anti-Money Laundering
Office in partnership with other regional bodies, Bangkok Post
reported that Wissanu urged terrorism and anti-money laundering
experts not to be complacent. Instead, the Thai English publication
reported, they ‘should update their knowledge so they will not lag
behind criminals’.
Updates Needed
According to Wissanu, the largely anonymous nature of cryptocurrencies
makes it difficult for authorities to identify the bad actors. But
while the Thai government has enacted various measures intended to
catch up with the technological changes such as the executive decree on
digital asset businesses, there is a need for amendments to the
existing laws.
So far, Thailand has made several moves this year aimed at regulating
not just cryptocurrencies but also Initial Coin Offerings (ICOs). In
March, the country’s cabinet gave approval to two royal decrees which
imposed capital gains taxes on cryptocurrency investments as well as
regulating crypto transactions.
https://twitter.com/CryptoCoinsNews/status/974236460483317762
The initiative was driven by Wissanu who, just like during the recent
summit, argued that the regulations were necessary to prevent tax
evasion, money laundering and other illegal acts conducted using
cryptocurrencies. At the time, Wissano clarified that the
cryptocurrency decrees were not aimed at prohibiting the nascent
technology or ICOs but rather to safeguard users and investors.
Cryptocurrency Taxes
In April, the country’s Ministry of Finance unveiled the proposed tax
rates with the capital gains tax being set at 15%. A Value-Added Tax
(VAT) of 7% was also slapped on cryptocurrency trades as CCN
reported at the time. However, the move to impose VAT on
cryptocurrency traders elicited an outcry and Thailand’s Revenue
Department was forced to waive the tax for individual traders using
approved trading platforms.
“The Revenue Department will waive value-added tax for people
trading in cryptocurrencies on exchange markets approved by the
Securities and Exchange Commission (SEC),” stated an excerpt of a
report at the time.
The tax proposals of Thailand’s Ministry of Finance had also
generated controversy over the fact that firms raising funds via an
ICO would also be required to pay income tax on those funds. This was
deemed unfair since firms undertaking an Initial Public Offering do
not pay income tax on the funds so raised.
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