Thailand’s Deputy PM Calls For Enhancement Of Cryptocurrency Regulations

The Deputy Prime Minister of Thailand named Wissanu Krea-ngam is in the latest cryptocurrency news, this time for calling for the enhancement of cryptocurrency regulations in the country. As he spoke during the fourth regional Counter-Terrism Financing Summit which took place in Bangkok, there is a need for a more domestic and international legal measures to be put in place and prevent the misuse of cryptocurrencies.

The summit was hosted by Thailand’s Anti-Money Laundering Office in partnership with other regional bodies. According to reports by Bangkok Post, Wissanu urged terrorism and anti-money laundering experts not to be complacent. The Thai English publication, instead reported that they should ‘update their knowledge so they will not lag behind criminals’.

As Wisanu states, the anonymous nature of cryptocurrencies like Bitcoin makes it difficult for authorities to identify the bad actors. However, Thailand has so far made several moves aimed at regulating the market as well as Initial Coin Offerings (ICOs). In March 2018, the country’s cabinet approved two royal decrees centered around capital gains taxes on crypto investments and crypto transactions.

One month later, the country’s Ministry of Finance unveiled the proposed tax rates with capital gains tax being put at 15% and a value-added tax (VAT) of 7% slapped on cryptocurrency trades.

“The Revenue Department will waive value-added tax for people trading in cryptocurrencies on exchange markets approved by the Securities and Exchange Commission (SEC),” stated an excerpt of a report at the time.

With this, the tax proposals of Thailand’s Ministry of Finance also generated controversy over the fact that firms raising funds via ICOs would also be required to pay income tax on those funds.