With growing crypto demand, countries around the world have started to conduct research for a legalized way of using it. But in a recent report, Thailand has amended through its emergency command and brought a new law dictating cryptocurrency usage.
As per Digital Asset Business Decree, the country is aiming towards creating a strong crypto market and interest in generating revenue through its reformed tax law. The revised law essentially highlights provisions for crypto as exchanging goods and as investing tool for traders.
Well said that with every progressive step made towards the legitimizing the cryptocurrency, the topic has drawn interest in negative critics also. The very credible nature of transactions using cryptocurrency is questioned in a specific set of people.
As per statements of Archari Suppiroj, director of the commission’s Fintech department,
“Thailand’s Securities and Exchange Commission is working to strike a balance between those who view cryptocurrencies as evil and those who use them for gambling”
Furthermore, the law says that all the Initial Coin Offerings are to be paired with one of seven different cryptocurrencies specified. The list includes Bitcoin, Ethereum, Bitcoin cash, Ethereum classic, Litecoin, Ripple, and Stellar. These currencies specifically picked based on their liquidity and convertibility to the Thai Baht.
It remains as a question whether Thai government will look for more stringent rules for centralizing cryptocurrencies or provide room for liberal ways of using them.
What do you think of this new law by Thai government? Share your thoughts in comment section below
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