New Tax Rules Proposed In Thailand Regarding Crypto

Cryptocurrency Cryptocurrency Regulation News

The Government of Thailand is in the process of proposing a new set of rules regarding crypto, particularly those investors who deal in retail crypto. The ultimate target of the new laws is the persons who are seeking to open up crypto trading accounts with exchanges. The law is likely to incorporate a provision seeking disclosure of customer’s income information from domestically operating crypto exchanges.

A report has been published lately by Bloomberg according to which there is a possibility of introducing crypto regulations in Thailand.

Bloomberg informed that Thailand’s financial watchdog i.e. Securities & Exchange Commission (SEC) has proposed a new set of rules. It was informed that the rules have been proposed for covering the crypto industry within the country.

As per the information, the unnamed proposed law would seek information of earnings on crypto trading from crypto owners. Similarly, the law would also be applicable to crypto investors who would want to acquire a crypto trading account with an exchange. As per the specific provision, the account opener would be required to make a disclosure of his/her crypto assets and income as well.

Another provision of the proposed law requires domestically operating crypto exchanges to liaison with the SEC directly. It would also be the responsibility of crypto exchanges to provide information on customers, their earnings, and asset details to the watchdog.

SEC’s Sec. General, RuenvadeeSuwanmongkol, stated that anyone wishing to initiate crypto-trading can avail services of licensed managers for injecting their investments. However, licensed managers’ options will be available to only those investors who are debarred from engaging in crypto trading from their accounts. In addition, the Sec. General added that:

The Thai Government is more concerned about the well-being of their crypto investors as most of them are too young. No doubt that Thai’s youth has great love and affection for technology and innovation, yet crypto trading is a risky business.

As regards those who haven’t attained the age of 18 years, such investors would be regarded as non-qualified, said Suwanmongkol. However, if they are still interested in investing then they could seek assistance from SEC’s licensed financial experts/advisers, informed SEC’s Sec. General.

It was informed by Thai’s SEC that the proposed laws will be issued in the coming week for a public hearing. Thereafter comments and recommendations will be secured from the concerned stakeholders regarding the law. If they will approve the law, only then it will be officially announced and implemented, said SEC.

Stakeholders would also include crypto exchanges and financial experts as well.

A day ago, the Thai Government had also announced that they wanted to use crypto to boost their tourism and culture industries. In pursuit of this objective, the Thai Government had established several crypto-friendly hotspots at various tourist spots within the country. The Government has announced that at these hotspots, tourists will have the facility of using their crypto for payment.

Thai Tourism Industry’s utmost target is to host those tourists who are holders of crypto-owners. For this purpose, the industry has shown its dire wish to host Japanese tourists to boost its crypto-friendly tourism.

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