Thailand to regulate cryptocurrencies and ICOs by June 2018

Thursday 17 May 2018 08:04 CET | News

Thailand‘s Securities and Exchange Commission has announced a future hearing to establish regulations on cryptocurrencies and initial coin offerings.

The public hearing that will contribute to outlining the necessary procedures is set to take place at the end of June 2018, and it is estimated to span through 2 to 3 weeks.

In the meantime, according to Thailand‘s Securities and Exchange Commission, offerings of digital tokens have not been allowed until the regulations are announced. The commission has the authority to regulate digital assets, according to a decree that requires sellers and operators of such assets to register with the SEC within 90 days.

The Ministry of Finance will impose a 15% withholding tax on gains from digital tokens and cryptocurrency trade. There will also be a 7% value-added tax, but general investors will be exempted, according to a statement issued by the ministry officials in March 2018.

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Keywords: Securities and Exchange Commission, Thailand, cryptocurrencies, Initial Coin Offerings, digital assets
Countries: World