Thailand, one of the world’s biggest party spots, becomes the hottest destination for cryptocurrency enthusiasts. Thailand’s Security and Exchange Commission plans to regulate cryptocurrency so that they can drive adoption in the country.

“Regulation brings legitimacy. And legitimacy brings, hopefully, widespread adoption”, writes Tim Culpan in his Bloomberg post.

Thailand’s new regulations lay out new rules for businesses that want to operate in the cryptocurrency space. Thailand also lays out new plans for Initial coin offerings (ICOs) which is similar to Debt or Equity offering. Any businesses in Thailand that plan to raise an ICO now require a business plan, and an auditing of the financial statement.

Moreover, Thailand is standardizing seven cryptocurrencies – Bitcoin, Ethereum, LiteCoin, Bitcoin Cash, Ripple, Stellar and Ethereum Classic. Every ICO and trades must be paired with the value of one of the above-mentioned currencies.

However, with the new laws taxation also has come into place. A 15 percent withholding tax is levied on profits and 7 percent of VAT has been added to every trade.

According to Bloomberg, these new rules and regulations will make Thailand a major crypto hub but Thailand wouldn’t be able to overtake Japan and South Korea but give them a fighting chance.

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