Thai Cryptocurrency Sellers Will Go to Prison for Not Complying with a New Bill

A bill has come into effect since last night that aims to regulate digital currencies and assets In Thailand.The people guilty of the law violation are expected to pay fines on a large scale up to imprisonment.

Citizens and residents of the country must register with a special security commission at the Stock Exchange of Thailand, which the regulators provided exactly 90 days for.

Cryptocurrency sellers who neglected to fulfill the requirements expect a prison sentence of up to two years or a fine in the amount of twice the amount of the transaction, which should be no less than 15.6 thousand US dollars.

"The adoption of the law is aimed at ensuring comprehensive regulation of cryptocurrencies and digital tokens, as well as preventing money laundering and tax evasion," a representative of the Ministry of Finance of Thailand said.

We remind you that the Thai authorities banned financial organizations from performing any actions with digital currency in February, before the innovation, after that the cryptocurrency transactions were taxed by two types of taxes. All transactions with cryptocurrency and operating fees were accompanied by official VAT of 7%. Also, the capital gain had a tax of 15%.

The sanctions are aimed at suppressing activities inside trading platforms that attackers use to launder money and avoid state taxes.