With the enactment of the new laws, it will become necessary for all cryptocurrency and ICO businesses to declare their assets. Which means they will have to show the sources of their crypto investment funds in order to prevent money laundering. The companies will also be obligated to provide names of buyers and sellers to the Anti-Money-Laundering Office.

The new laws also, potentially, put the Securities and Exchange Commission of Thailand in-charge of the cryptocurrency market in the country. The Thailand Revenue Department has also been ordered to collect 7% VAT and 15% withholding tax and has declared that taxpayers can now combine their cryptocurrency tax liabilities to their annual income.

This move to regulate the Thai cryptocurrency market legitimises it on an entirely different level, however, the Bank of Thailand’s refusal to change its position on the matter is the only dampener on the move. The bank stands firm on its position that even after the laws are passed, BoT will not deal with cryptocurrencies and any accounts that are linked to them will be subject to immediate suspension. And a lot of banks are following suit with the Bank of Thailand like the Bank of Bangkok. But the move is definitely welcome and comes as a giant reprieve to the crypto-users of the country.

Credit by itsblockchain.com.