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.
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
You should also see
Leaders pay tribute to President Ho Chi Minh on National Reunification Day
Leaders and former leaders of the Party, State, Government, National Assembly (NA), and Vietnam Fatherland Front (VFF) paid tribute to President Ho Chi Minh at his mausoleum in Hanoi on April 26 on the occasion of the 49th anniversary of the Liberation of the South and National Reunification Day (April 30, 1975-2024).
See more
World
Thailand expects wave of tourists during Golden Week
The Tourism Authority of Thailand (TAT) estimates that about 996,000 foreign tourists will visit the Southeast Asian country between April 26 and May 5, known as the Golden Week holidays in Japan, during which Chinese tourists also prefer to travel overseas.
World
Argentinian media praises Dien Bien Phu Victory
Argentinian newspapers have called Vietnam's Dien Bien Phu Victory (May 7, 1954) a symbol of the national liberation movement of oppressed and colonialised peoples worldwide.
World
Laos speeds up granting licences to foreign workers
Laos's Ministry of Labour and Social Welfare plans to issue visas to illegal foreign workers and extend permits to legal ones so that they can continue to work in the country.
World
Argentinian scholar praises Vietnam’s April 30, 1975 victory
The complete reunification of Vietnam on April 30, 1975 was an extremely significant event in the history of the country and the world, opined a scholar from the Institute for International Relations at the National University of La Plata, Argentina.
World
Malaysia tackles food security challenges
Empowering local communities in the agriculture sector to attract young people to this field is one of the measures taken by Malaysia to address labour shortage while also contributing to tackling challenges in food security.
