Symbol of bitcoin (Photo: VNA)

Bangkok (VNA)
– Transactions involving cryptocurrencies and digital assets in general are subject to a 15 percent tax under a cryptocurrency law which took effect in Thailand on May 14.

Accordingly, all sellers are required to register with the Security Exchange Commission (SEC) within 90 days since the law came into effect.

The SEC is responsible for controlling and regulating the digital assets.

Sellers of digital tokens unauthorised by the SEC will be fined twice the value of the digital transaction or at least 500,000 THB (15,561 USD). They could also face a jail term of up to two years.

Thailand’s Finance Minister Apisak Tantivorawong said the taxation is not meant to prevent the transaction of cryptocurrencies and initial coin offerings (ICO) and digital assets in general but to protect investors and stop money laundering and other cyber crimes.

In a report released in September 2017, SEC said it realises the potential of ICO in bringing new forms of funding for businesses and start-ups.

Earlier this year, the Bank of Thailand (BOT) requested commercial banks and financial institutions at home to not involve in cryptocurrency transactions for fear of possible problems from the unregulated trading.-VNA