Tag Archives: Thailand

THAILAND BANS ICOS FROM USING BITCOIN CASH, LITECOIN AND ETHEREUM CLASSIC

Contrary to reports making the rounds on the cryptocurrency news circuit, regulators in Thailand have removed three cryptocurrencies from the list of accepted tokens for ICO fundraising and virtual currency trading. The Thai SEC announced the news in a press release published on its website on Thursday (February 28, 2019). Continue reading THAILAND BANS ICOS FROM USING BITCOIN CASH, LITECOIN AND ETHEREUM CLASSIC

Bank of Thailand Governor: No Central Bank Digital Currency Within 3-5 Years

Thai citizens will have to be patient in the wait for a retail central bank digital currency that will save them from carrying cash around. According to the governor of the Bank of Thailand (BoT), Veerathai Santiprabhob, plans to switch from cash to a digital currency will not happen within the ‘next 3-5 years’. This is because the process of creating a central bank digital currency (CBDC) ‘is not easy’ and is time-consuming due to the complex nature of the monetary system. Continue reading Bank of Thailand Governor: No Central Bank Digital Currency Within 3-5 Years

Thai Finance Ministry Releases Tax Framework

Thailand’s awaited tax framework for cryptocurrencies has been announced this week by the Thai Finance Minister, local news outlet Nikkei Asian Review reported Friday, March 30. Apisak Tantivorawong reported during a March 27 cabinet meeting that crypto trades will be taxed with a 7 percent value added tax (VAT), and returns taxed with a 15 percent capital gains tax. The first draft of the digital asset regulations, released March 14, showed that the expected tax ceiling for the digital gains crypto tax in Thailand was 15 percent. Continue reading Thai Finance Ministry Releases Tax Framework

Thai Bank Will Add Euro, Pound to Ripple Blockchain Retail Remittances

Thai ‘big four’ banking institution Siam Commercial Bank (SCB) is adding euros and sterling to its Ripple-powered blockchain remittance platform. The SCB, one of Thailand’s biggest banks, is adding the euro and the sterling pound to its retail remittance offering powered by San Francisco-based blockchain giant Ripple, the Bangkok Post reports. SCB strategy chief Arak Sutivong pointed to strong payment inflows of euros and pounds to Thailand as inward remittance as reasons for the blockchain-powered retail offering. Continue reading Thai Bank Will Add Euro, Pound to Ripple Blockchain Retail Remittances