Several governments around the globe are putting in place legal frameworks to be able to accommodate the cryptocurrency industry in their countries. And for Thailand, it’s not holding back. During the recently concluded regional Counter-Terrorism Financing Summit, Thai deputy prime minister was vocal on his urge to see more regulations put in place.
While speaking during the fourth regional Counter-Terrorism Financing Summit, Wissanu Krea-Ngam called for the amendment of the cryptocurrency regulations already in place. He further explained and said;
“Although stringent measures have already been put in place to curb the misuse of digital currency, more laws must be put in place both on the international and domestic space. Through us amending our laws, we can counter the changing dynamics being witnessed in the cryptocurrency industry.”
Further on he urged the antiterrorism and money laundering experts to up their game.
“As the point persons in the war against money laundering, you shouldn’t be satisfied with the knowledge you have at the moment. I urged you to watch this space to understand more about cryptocurrency. With the knowledge, you will be in a better position to fight against these criminals.”
Laws in place in Thailand
In its fight against money laundering, the Thai government passed two executive decrees one the 2016 counter-terrorism financing and highly destructive weapon act and the 2018 executive decree on digital asset business act. Besides the above other royal decrees were passed in March to help control the cryptocurrency and ICOs. With the laws in place, the Thai government introduced a 15 capital gains tax and a 7% value-added tax. The latter was imposed on cryptocurrency trades. At the forefront of it, was Wissanu Thai Deputy Prime Minister.
Although the taxes were imposed, the Revenue Department of Thailand issued a tax waiver on individuals trading on approved crypto platforms. The waiver was granted after a massive outcry from traders. Apart from traders complaining about the taxes, the move by the Ministry of Finance to have ICOs pay income tax is unfair since their counterparts who float shares during Initial Public Offering don’t pay the taxes.
On the other hand, Indonesia’s Coordinating Minister for Political and legal and Security Affairs stressed the need for governments to draft new strategies to help in the fight against illegal online financing. The latter move will help and will decrease the number of terrorist attacks.