In 2017, the Thai authorities introduced new progressive legislative standards that increased the transparency and control of cryptocurrency turnover. Exchanges, exchangers and other sellers of non-fiat funds must pass a registration with the regulator - the Securities Commission (SEC). It issues a license for the cryptocurrency exchange, controls the rules implementation, including the payment of taxes.
The authorities charge a fine of 15,500 US dollars (equivalent) and even threaten entrepreneurs with imprisonment for procrastination of registration and taxation. The crypto funds retailers are exempt from VAT paying, but for other market participants it is 7% and is paid, including, for operations with virtual money. Capital gain tax (15%) is also paid, traders pay 10-30% from profit, depending on the circumstances.
Thailand is one of the most progressive states in relation to the crypto field. Licenses for cryptocurrencies - Bitcoin, Ethereum, Litecoin, Stellar, Ripple, etc. are officially issued down there. SEC does not hide its readiness to accept other non-fiat currencies for consideration, provided that issuers and exchangers have fulfilled the requirements of the law and the Regulator. ICO activities in the country are regulated by a separate division of the Commission. Issuers must provide SEC with a business project, contribute a share capital of US $ 150,000 and develop a structure that meets the Commission standards.
The license for the cryptocurrencies exchange in the jurisdiction is issued to Thai companies that have a physical address for registration, forwarding correspondence and an office - at least virtual one. The government has not signed agreements on automated information exchange, it is not necessary to comply with AEOI. Companies possess a right to attract foreign investments. For successful registration and licensing you need to:
Upon a receipt of a license for cryptocurrency and an operation of the exchanger for a year, it must prepare and submit to SEC a report on the activities, perform an audit and provide an opinion on the financial statements audit. By contacting "Prifinance" company, you can receive a support in licensing, legalizing and run of a cryptocurrency business.