The government of Thailand has established double taxation of cryptocurrencies. Now, residents of the country have to pay 7 percent of all transactions with cryptocurrencies plus 15 percent in the form of capital gains tax.
So officials want to prevent money laundering, tax evasion, drug trafficking and other illegal activities with the help of cryptocurrencies. It seems to have worked-the securities and exchange Commission of Thailand legalized seven major coins.
The decision to legalize digital money in the country took a new regulator, created on June 7 the Commission on securities and exchanges of Thailand. Its abbreviation, SEC, is similar to the abbreviated version of the name of the main US financial regulator.
According to the new rules, citizens of the country will be able to conduct transactions with Bitcoin, Ethereum, Litecoin, Ripple, Ethereum Classic, Bitcoin Cash and Stellar. The representative of the regulator said that the coins can be used in the preparation and conduct of the ICO.
The SEC's press release stated that these coins were chosen because of high liquidity and sufficient stability. Also, the regulator was guided by the fact that the coins are not anonymous.
The decision of the regulator of Thailand can lead to a serious growth of coins and the crypto market in General,there are not so many countries in the world that have legalized operations with cryptocurrency on their territory. One can only hope and wait.