Thailand's Ministry of Finance issues tax rules on cryptocurrency. Reported by local news outlet. Nikkei Asian Review, Friday, March 30th.
On March 27, after a cabinet meeting, the Finance Minister of Thailand, Apisak Tantivorawong, announced a move to legislate to regulate cryptocurrency.
With this new law comes a regulation in which investors pay 7% value-added tax on all crypto trades, and 15% of capital gains on returns. This was after approving the draft law on March 14.
In February, Thailand's central bank asked all banks to stay away from cryptocurrency, according to a report from Reuters. They released a circular to all banks and ordered them to stay away from investment and crypto trade. Citing the concerns crypto used for illegal activities, and noted that they are not a valid payment instrument in this country.
The ban is only for banks, and not private individuals and exchanges, as reported by the Bangkok Post. The ban will only take effect until the regulatory framework can be implemented.
A one-month ban causes the Thai Digital Asset Exchange to stop ICO. This move made ICO Thailand consider moving their business to Singapore, which became a crypto-friendly hub in Southeast Asia.
Following the Malta Gaming Authority's step to set up a crypto game in their country earlier this week, Thailand joins the growing list of governments governing the new digital currency.