Investors and operators of digital currencies who want to do transactions with digital currencies will have to register with Thailand’s SEC, the sole authority for regulating digital assets, within 90 days.
On Tuesday, Thailand’s Securities and Exchange Commission’s chief stated it expects to issue regulations on cryptocurrencies and initial coin offerings (ICO) by the end of June 2018.
Rapee Sucharitakul, SEC’s secretary-general clarified that ICOs will not be allowed in the country till regulations are in place.
According to the decree, sellers and operators of these assets will have to register with the SEC within 90 days. The SEC has the authority to regulate digital assets.
The public hearing will take a 2-3 weeks because investments in digital tokens are complicated and carry high risks, said Rapee.
In March 2018, Thailand’s finance minister, Apisak Tantivorawong, had stated it will impose a 15% withholding tax on gains from digital tokens and trade in cryptocurrencies. On top of this, there will also be a 7% VAT although general investors will be exempted, said Tantivorawong.
According to Chantavarn Sucharitakul, the Assistant BOT Governor. the Bank of Thailand will wait for the SEC, to announce other regulations before taking action.