Cryptocurrency Regulation in Thailand starts today

The Government of Thailand has now regulated the Cryptocurrency and also revised the country’s tax code and to add crypto taxation.

The Thai Government has regulated cryptocurrencies and Intial Coin Offerings (ICO’s) and is in the effect. Thai Cabinet approved “Digital Asset Management Act BE 2561′ in March and now it has been amended.

Thai Cabinet also approved the revision of Revenue Code no 19 which will tax crypto profits at 15%.

Finance Minister Apisak said:

It [the decree] was not meant to prohibit cryptocurrencies, initial coin offerings (ICOs) and other digital asset-related transactions, but to protect investors.

Sellers of Digital Token in Thailand has to register with the regualtor, if failed to register within 90 days the Seller will face fine or even jail.

Source: news.bitcoin.com

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