In the latest news, Thailand Cabinet passes ICO and cryptocurrency regulations. Now, in order to become a law in the country, regulation drafts will need to be further reviewed by the Council of State.
14 March, AtoZForex – The Cabinet of Thailand, which serves as an executive branch of the country’s government, has approved two royal decree cryptocurrency regulation drafts.
Thailand Cabinet Passes ICO and Cryptocurrency Regulations
The passed drafts have covered both cryptocurrency and initial coin offering (ICO) markets. The documents have also outlined norms for a possible taxation of cryptocurrency capital gains. The drafts have received an approval from the Thai ministers this Tuesday.
In order to become a law, the draft will need to be further reviewed by the Council of State. The latter is an advisory body that is reporting to Thailand’s prime minister on legislative matters. Then, the draft in question will need to be re-submitted to the cabinet for the final approval. This process can take place already next week, according to some of the local media reports.
The draft makers will also need to take the additional feedback from the various regulators in the country into the consideration. Some of the regulators include the Ministry of Finance, the Bank of Thailand, the Securities and Exchange Commission and the Anti-Money Laundering Office.
Thailand Will not Ban cryptocurrency trading
A royal decree is one form of legislation in Thailand. It sets rules on the emerging issues that are potentially related to the public safety. The latest legal attempt from the authorities comes amidst the increase in the illegal use of cryptocurrencies in money laundering, tax avoidance, and other financial crimes.
Yet, the deputy PM of Thailand has highlighted that the country does not plan to ban cryptocurrency activities, but rather to set out official rules to protect investors’ community.
Additionally, the second royal decree also looks into bringing taxation on capital gains from cryptocurrency. The rate of the tax is yet to be agreed, but it is most likely to stand between 10 and 15 percent, as per the local media.
Earlier, some of the industry insiders have called for the cryptocurrency rules to be implemented by the Securities and Exchange Commission (SEC) in Thailand.
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