Cabinet to draft law to regulate, tax cryptocurrencies

Nathporn Chatusripitak, a spokesman for Deputy Prime Minister Somkid Jatusripitak

The cabinet agreed on Tuesday to draft a law to oversee cryptocurrency trading, seeking to tax the largely unregulated market.

Nathporn Chatusripitak, a spokesman for Deputy Prime Minister Somkid Jatusripitak, said the Finance Ministry also proposed the new regulations to help prevent use of digital currencies in money laundering and fraud.

He said details of the proposed regulations would be announced later in the month.

In February, the Bank of Thailand issued a circular asking financial institutions to not handle transactions involving cryptocurrencies.

Across Asia, governments have been belatedly moving to exert control over bitcoin exchanges and other fast-growing cryptocurrency-related activities.

Article source: https://www.bangkokpost.com/business/news/1427566/cabinet-to-draft-law-to-regulate-tax-cryptocurrencies

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