Thailand to issue rules on cryptocurrency by end-June

Bitcoin, cryptocurrency & electronic finance

Thailand‘s securities and exchange commission expects to issue regulations on cryptocurrencies and initial coin offerings by the end of June after holding a public hearing, the SEC chief said on Tuesday.

Offerings of digital tokens will not be allowed until the regulations are announced, Rapee Sucharitakul, SEC secretary-general, told reporters.

The SEC has the authority to regulate digital assets, according to a decree which took effect on Monday. The decree requires sellers and operators of such assets to register with the SEC within 90 days.

The public hearing will take a 2-3 weeks because investments in digital tokens are complicated and carry high risks, Rapee said.

The finance ministry will impose a 15-percent withholding tax on gains from digital tokens and cryptocurrency trade, Finance Minister Apisak Tantivorawong said in March.

There will also be a 7-percent value-added tax, but general investors will be exempted, he said.

The Bank of Thailand will wait for the SEC – the primary regulator – to announce other regulations before taking action, according to Assistant BOT Governor Chantavarn Sucharitakul.

In February, the central bank asked financial institutions not to get involved in cryptocurrency transactions for fear of possible problems.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.