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

In Thailand, entered into force the legislation governing the turnover of cryptocurrency as a digital assets, the violation of which will incur large fines and even be imprisoned. To control and regulate the digital asset will Commission securities and exchange Commission of Thailand (SEC).

According to local publication the Bangkok Post, the law came into force on Sunday, with the approval of the official seal of the Kingdom.Now all persons carrying out transactions for the sale of cryptocurrency, it is necessary to register in a special security Commission at the Thai stock exchange within 90 days.

According to the Minister of Finance of Thailand Apisak Tantivorawong (Apisak Tantivorawong), the law on the regulation of the use of cryptocurrencies will help to prevent cases of money laundering, tax evasion and other financial frauds. Previously, the government of Thailand stated that bitcoin is popular among criminal groups in the Kingdom who are actively using them for withdrawal of funds earned by illegal means.

Violators of the law on the regulation of cryptocurrencies, faces up to two years in prison or a fine of double the amount of the transaction amount, but not less than 500,000 baht (about $15 600 at the exchange rate on may 14). Cryptocurrency transactions will be subject to two types of taxes: value added tax (VAT) at 7% and capital gains at 15%.

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