Thailand is a beautiful country that is developing at a consistent rate. Unfortunately, the regulation is not beneficent for those who trade or use digital assets. This is real pity an otherwise open society (certainly for tourists) with a lot of bright minds has taken such draconian measures.
First off, by trading digital assets in Thailand, you are bound to pay 20% withholding tax, 15% capital gains tax and 7% sales tax on every transaction.
How Thailand effectively killed the ICO market
On July 16 this year, the Thai SEC released a set of guidelines for ICO’s in the country. To be able to launch an ICO, you would have to adhere to the following guidelines:
1. Establish Local company with 51% minimum local ownership, capital paid of 5 million baht.
2. Apply for an ICO license through a yet to be formed entity called the ICO hub.
3. Prove capital paid up of 100 million baht.
4. Apply with the Thai SEC for permission, which may or may not be granted even after the above cost!
If you went through the process and were lucky enough to get your company granted to hold an ICO, there are additional things that hinder success.
1. No direct capital contributions are allowed in neither fiat or crypto, all contributions must run through a licensed exchange which is subject to the above tax.
3. Retail investors are limited. Institutional investors are allowed, but all are subject to the above tax structure which efficiently hinders the majority from participating.
Thailand, on the other hand, has an incredibly vibrant Blockchain and digital assets community, filled with super smart, innovative people and solutions. It’s a shame when regulators are without vision.
Source:
https://icoshock.com/thailand-ico-regulation/
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Topic: How Thailand effectively killed the local ICO market (Read 687 times)