The head of the central bank of Thailand Veerathai Santiprabhob reported on the development of a law on the cryptocurrency comprehensive regulation. These measures are necessary, first of all, in order to avoid money laundering, tax avoidance, and fraud.
The bill will establish rules for controlling the digital currency, the procedure for conducting ICOs, as well as defining the roles of all market participants: traders, intermediaries, exchanges and trading platforms. The Thai Revenue Department is also considering the introduction of a 10% tax on the income from the cryptocurrency trading.
The head of the central bank added that the new law is expected to be completed in a month. Under the new rules, the cryptocurrency will be classified as a digital asset, not a currency, which means that the Securities and Exchange Commission of Thailand (SEC) will regulate the cryptomarket.
"I agree with the Finance Ministry’s [view] of letting the SEC be the only organisation governing digital assets, because it already oversees securities and has a profound understanding of digital assets," said former Finance Minister of Thailand Korn Chatikavanij.
In general, the introduction of the new law is a positive news for the cryptocurrency market, since the government of Thailand does not prohibit crypto trading, but rather make advances for it. However, it is not known yet exactly how the law will work. So keep up to date information on this topic.