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XRP
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Shiba Inu
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$0.0000096 -1.69486
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Pepe
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$0.0000012 -4.95872
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Thailand’s Securities Regulator will Update Laws to Cultivate Digital Asset Innovation

This article is more than 4 years old
News
Thailand’s Securities Regulator will Update Laws to Cultivate Digital Asset Innovation

The Thailand Securities and Exchange Commission (SEC) has announced they are looking into amending the royal decree issued for digital assets in May 2018. According to the Bangkok Post, the SEC has already given certain crypto companies permission to legally operate and serve customers in the region, November 25, 2019.

Light at the End of the Tunnel

Most cases of sovereign governments lashing out at cryptocurrencies stem from a perceived risk to financial stability and control over the current monetary system; others are reasonably focused on warding off malicious actors who are using decentralized technology for illicit activity.

Thailand’s SEC is taking an incredibly reasonable stance by implementing strict AML and anti-terrorism measures, yet allowing digital asset companies to continue to serve customers and up their game. By introducing formal legislation, the Thai government wanted to ensure that investors – institutional and retail – are not being duped by false investment schemes and fraudulent projects.

There are 4 categories of companies as per the royal decree issued in May 2018: exchanges, dealers, brokers, and token portals. While the first 3 are familiar categories, token portals refer to companies that facilitate the issuance of new tokens through initial coin offerings (ICOs).

Leaving aside the intricacies of how Thailand is regulating the market, other countries can take a page out of their book to boost public revenue. Thailand is embracing this new industry, but along with cozy regulations comes taxation on trades and investments. Investors are liable to pay a 7 percent value added tax (VAT) on every digital asset trade they make. On top of that, if the trade yields a profit they have to pay the required amount of capital gains tax. Individuals are exempt from VAT except in cases when they have no capital gains.

Times Are Changing

Hopefully, more countries start to implement reasonable regulation with taxation so as to not hinder the state or businesses. In the end, this is a win-win situation as companies and investors can go about business as usual and the government can earn more tax revenue from a new, lively industry.

While cryptocurrency taxation is everpresent across the globe, the uncertainty regarding regulations or strict stances taken by the government has scared traders into the shadows. By embracing this new technological paradigm, both sides can come out as winners.

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