Thai regulators have reportedly agreed to enact two separate laws on cryptocurrencies and initial coin offerings. They will regulate crypto businesses, the purchase and sale of cryptocurrencies, as well as their taxation.
Two Laws Being Drafted
The Thai Minister of Finance, Mr. Apisak Tantivorawong, said on Thursday that the government is preparing to announce the regulations for cryptocurrencies and initial coin offerings (ICOs) by the end of this month, Channel 7 news reported.
After the cabinet’s meeting, the country’s deputy prime minister, Mr. Somkid Jatusripitak, explained that two laws are being drafted, according to Thai Rath newspaper.
The first is the Act on Digital Asset Businesses. It requires the registration and know-your-customer (KYC) compliance of cryptocurrency operators including agents, dealers, and brokers, the news outlet detailed. It also imposes penalties and remedies for violations.
The second is the revision of the country’s Revenue Code which concerns taxation related to cryptocurrencies and ICOs, the publication described.
Regulating Crypto Businesses & Taxation
According to Thai Rath, cryptocurrency and ICO businesses such as intermediaries will be required to identify themselves and the sources of crypto investment funds in order to prevent money laundering. These businesses will be obligated to provide transaction information as well as the names of buyers and sellers to the Anti-Money Laundering (AML) Office. The law also puts the Securities and Exchange Commission of Thailand (SEC) in charge of the regulations…
Read Full: Thailand to Pass Two New Cryptocurrency Laws