In Thailand, entered into force the law on the regulation of cryptocurrencies

In Thailand, entered into force the law on the regulation of cryptocurrencies

This weekend in Thailand has enacted a Law regulating the cryptocurrency activities, in particular operations with digital assets, said on Monday the newspaper the Bangkok Post.

The law was published by the official representatives of the Kingdom in Sunday and the same day entered into force.

According to the document, everyone who owns a cryptocurrency and also all wishing to acquire the tokens required to register in a special security Commission at the Thai stock exchange over the next 90 days. Violation of this provision shall be punishable by imprisonment up to two years or a fine. The amount of the fine equivalent to double the amount spent during the operation of the funds, but may not be less than 500 thousand baht (about 15 $ 600).

As explained in the Ministry of Finance of Thailand, the law aims “to ensure comprehensive regulation of the cryptocurrency and digital token, and for the prevention of money laundering and tax evasion.”

In addition, it became known that the Thai authorities intend to impose cryptocurrency transactions two types of taxes. The final version of the bill was approved by the Ministry of Finance. Under the bill, transactions with cryptocurrency and payments for transactions will be subject to VAT at 7% and tax on capital gains at 15%.

Earlier, the police of the Kingdom declared that Bitcoin and other cryptocurrencies are becoming very popular among the gangs of Thailand, are actively using them for withdrawal of funds earned by illegal means.

At the same time on the other end of the earth, in Zimbabwe, the Central Bank banned financial institutions from doing business with cryptocurrencies. On the termination of contracts with the exchanges, the government gave the companies 60 days. The reason for this decision was the need to ensure that the state of the financial system.

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