Sources said that Thailand's cryptocurrency and ICO regulatory regulations have come into effect on Sunday. The regulation defines cryptocurrencies as digital assets and digital tokens. Thai SEC is the official regulator of all digital assets. Within 90 days after the law takes effect, the seller must register with the SEC. The promotion of tokens to the public must be approved by the SEC, and the SEC has the power to punish wrongdoing related to cryptocurrencies.
Earlier, due to the Thai government's continuous uncertainty in cryptocurrency supervision, especially the uncertainty in the issuance of cryptocurrency initial coins, the Thai Digital Asset Exchange (TDAX) suspended various initial currencies in February. Issued, pending the release of a regulatory framework by the Securities and Exchange Commission of Thailand (SEC). However, some local companies have already waited for the ICO to start. For example, Jay Mart Plc subsidiary J Ventures Limited, its issued token Jfin Coin has been listed on two Thai exchanges.
At the end of last month, the Thai Finance Minister announced the cryptocurrency tax framework, announcing that it will levy a 7% value-added tax (VAT) on cryptocurrency transactions and impose a 15% capital gains tax on cryptocurrency revenues. Basically, it is consistent with the first draft of digital assets laws and regulations published on March 14.
Although the "Thai Blockchain Association" last week demanded that the tax burden imposed on the community be reduced, the country's Ministry of Finance mentioned that it would still advance the bill.
Strict supervision + double taxation, where local investors will transfer positions and choose to trade on digital assets exchanges in duty-free countries?
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