Legal Process to Regulate and Tax Cryptocurrency to be initiated in Thailand
The Cabinet of Thailand, the government’s officials branch encompasses of thirty-five of the nation’s most senior members, has supposedly authorized to royal decrees that will both cover cryptocurrencies and Initial Coin Offering (ICO’s) under its domain. In Thailand, a royal decree can be issued by the king or his council of ministers, or the Cabinet, where legislation is processed fast for purposes of public safety, economic stability and a bunch of other factors.
According to the reports, the effort the push legislation to raise an administrative system for cryptocurrencies comes at the command of Thai deputy Prime Minister Wissanu Krea-ngam enlightening the cabinet regarding the needs ‘comprehensively regulate’ cryptocurrencies and ICOs with a new law. The report focuses on the deputy Prime Minister pointing out concerns about crypto abuse in money laundering, tax evasions, and other criminal action.
Distinctly, however, the deputy prime minister trained the cabinet that the recently proposed law isn’t intended to restrict cryptocurrencies and their use nor ICOs. Instead, the law proposing regulation is meant to protect adopters invested in cryptocurrencies.
Before its approval into law, the high decree drafts must be audited and verified by Thailand’s Council of State, variously qualified law councilors with experience in areas including law, economics, social sciences and more.
The drafts will likewise be formally checked on and examined by the nation’s financial authorities including the Finance Ministry, the Bank of Thailand, the Securities and Exchange Commission and the Anti-Money Laundering Office – mutually with the Council of State – as early as next week, as appointed by the cabinet.
Wissanu also uncovered progress in moving towards broader ‘organic laws’ by the Finance Ministry and the SEC wherein all digital coin transactions, including exchanges on cryptocurrency exchanges and those between brokers and dealers, will have to be enrolled with legal authorities.
Cryptocurrencies, the digital token issued through ICO’s and another asset as electronic information are all the classified as digital assets by Thailand’s Finance Ministry.
The cabinet endorsement of the two draft decrees come quite close to Thailand’s central bank governor affirming upcoming regulations for the cryptocurrency sector at some point in April.