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Thailand imposes 15 percent tax on digital assets trade

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.
Thailand imposes 15 percent tax on digital assets trade ảnh 1Symbol of bitcoin (Photo: VNA)

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

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

The SEC is responsible for controlling andregulating the digital assets.

Sellers of digital tokens unauthorised by theSEC will be fined twice the value of the digital transaction or at least500,000 THB (15,561 USD). They could also face a jail term of up to two years.

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

In a report released in September 2017, SEC saidit realises the potential of ICO in bringing new forms of funding forbusinesses and start-ups.

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

VNA
#transactions #cryptocurrencies #digital assets #tax #Security Exchange Commission (SEC) #come into effect #sellers #digital assets #money laundering #cyber crimes #businesses #startups #Bank of Thailand #commercial banks #financial institutions #Vietnamplus #Vietnam News Agency Thailand
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