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Thailand’s Financial Controller Plan Rules on Digital Token Issuance

Thailand’s Financial Controller Plan Rules on Digital Token Issuance

July 6, 2018 5:38 am,

According to an article in Reuters from these days, the SEC of Thailand will need that issuers of a digital token must be listed with them. These issuers will then be qualified to deal digital properties to high net-worth depositors, venture capital companies, private justice companies, and other official depositors. The guidelines were complete in a statement from the controllers earlier today. This growth has monitored a recent Royal Decree compromise the Thai SEC authority over the space.

According to the pending rules, digital token issuers will be able to off indefinite extents of digital assets to the said groups. Though, retail depositors will be partial to obtaining tokens worth less than 300,000 baht ($9,050).

These issuers will be qualified to exchange either local currency (baht), or other cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, and Stellar.

In March, NewsBTC reported on an alteration in tax legislation leading the cryptocurrency sector. The law conditions that there will be a 15% capital gains tax charged against profits made from the buying and trade of digital tokens. In addition, there will be a 7% value-added tax. Though, according to Reuters, Thai Finance Minister Apisak Tantivorawong has specified that general depositors will be released from this extra tax.

Past this week, it appeared that a collection of Thai safeties companies were development on applying to the SEC for a license to launch a shared cryptocurrency exchange. By contribution such a platform together, they hope to decrease the functioning costs and share information of the sector with one another.

The head of the Association of Securities Companies (ASCO), Pattera Dilokrungthirapop, specified that such companies were well-placed to offer digital asset trading since they were previously familiar with the purchasing and selling of traditional securities:

“We are self-assured that depositors will desire to trade with us since we have been in the securities trading professionally for a long time… Depositors can trust our trading system, which has protected asset protection.”