Thailand's cabinet on March 13 agreed to draft a law to oversee cryptocurrency trading and tax the largely unregulated market (Illustrative photo: NBC)
Bangkok (VNA) -🀅 Thailand's cabineton March 13 agreed to draft a law to oversee cryptocurrency trading and tax thelargely unregulated market.
Deputy Prime Minister Somkid Jatusripital’sspokesman Nathporn Chatusripitak said the Ministry of Finance also proposed newregulations to help prevent use of digital currencies in money laundering andfraud. Thailand’s Revenue Departmenthas recently asked the cabinet to amend the new revenue code which wouldinclude a proposed 10 percent capital gains tax on profits from trading indigital currencies. Governor of the Bank of Thailand (BOT) VeerathaiSantiprabhob told reporters that the country will have a law to comprehensivelyregulate all aspects of the cryptocurrency market including ICO (Initial CoinOfferings) in April. The new law will allow the Securities and ExchangeCommission (SEC) of Thailand to manage ICO trading. SEC Secretary-General RapeeSucharitakul has revealed that a royal decree is commonly seen as the path toempower the SEC to regulate all aspects of the crypto sector includingcryptocurrency exchanges and ICO fundraising. In September, SEC revealed apositive outlook toward ICO, stressing it realises the potential of ICO inbringing new forms of funding for businesses and start-ups. Chairman of the Thai FintechAssociation Korn Chatikavanij, who previously served as the country’s Finance Ministerbetween the end of 2008 and mid-2011, said his organisation supports the newplan. He agreed with the FinanceMinistry’s view of letting the SEC be the only organisation governing digitalassets, because it already oversees securities and has a profound understandingof digital assets. Earlier this year, the BOT issued a circularasking domestic commercial banks and financial institutions to refrain fromtrading and investing in crypto, as well as prohibiting their participation inand creation of crypto exchanges and trading platforms.-VNA
The Central Bank of Malaysia (BNM) initiated a policy compelling digital currency exchangers to report their activities, reported The Star newspaper on December 15.
The Bank of Thailand (BOT) has said that crypto currencies are not legal tender and it will join hands with the Anti-Money Laundering Office to prevent the illicit use of virtual currency bitcoin.
Indonesian authorities are investigating the use of bitcoin on the resort island of Bali after the central bank gave warnings on risks posed by virtual currencies.
Malaysian police are working closely with the country’s central bank to handle cheating cases involving crypto-currency Bitcoin, the New Straits Times reported on February 26.
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Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
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This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Thailand's cabinet on March 13 agreed to draft a law to oversee cryptocurrency trading and tax the largely unregulated market (Illustrative photo: NBC) 
