Thailand refuses 7% VAT for Individual Crypto Investors

Regulating digital currencies and ICO began: Thailand’s Revenue Department has claimed that it will refuse the 7% tax for individual cryptocurrency investors 
17 May 2018   1512

The order to afford the legal framework for cryptocurrencies and ICOs in Thailand went into effect on Monday. According to the report of Nation Multimedia, Cryptocurrency transactions are to revenue tax for both private firms and individual investors. It was announced at a press conference on Tuesday:

The Revenue Department will waive value-added tax for people trading in cryptocurrencies on exchange markets approved by the Securities and Exchange Commission (SEC). Individuals will still have to pay a 15 percent capital gains tax, also known as a withholding tax, on income earned in a transaction.
Saroch Thongpracum
Director of Legal Affairs, Thailand’s Revenue Department

The VAT abdication for individual crypto traders is to “reduce their tax burden,” the publication noted, adding that the Revenue Department “would issue a regulation waiving the 7 percent VAT for individual investors.” Also, as the news outlet declared, “Under the new law, private companies launching ICOs have to pay corporate income tax on the funds they raise from the exercise.”

The Thai SEC will be the fundamental regulator of crypto assets. Three groups of crypto operators will be ordered: brokers, dealers, and ICO portals. They must gain  licenses from the Finance Minister, according to the department’s spokesperson. 

The Commission expects to issue regulations on cryptocurrencies and ICOs by the end of June after holding a public hearing, as claimed by the SEC chief.

The public hearing will take 2-3 weeks because investments in digital tokens are complicated and carry high risks. The new regulation aims to provide protection for general investors since only investors who have knowledge of ICO issuance or digital-asset transactions should be allowed to engaging in this kind of trading.
Rapee Sucharitakul
Secretary-General, SEC 

During this time, ICOs are banned in the country. The central bank has requested financial establishments in the country to persist from dealing with cryptocurrency transactions.

TON Launch to be Postponed to 30.04.2020

Investors, that are not happy with this fact, may receive 77% of their investments
17 October 2019   116

Telegram is ready to postpone the launch of the Telegram Open Network (TON) blockchain platform and suspend all operations with the Gram digital currency. At the same time, the company intends to challenge the lawsuit of the US Securities and Exchange Commission (SEC). The lawyers of Telegram notified the court of the Southern District of New York.

We had intended to launch the TON network in late October. However, the recent SEC lawsuit has made that timing unachievable. We disagree with the SEC’s legal position and intend to vigorously defend the lawsuit. We are proposing to extend the deadline date in order to provide additional time to resolve the SEC’s lawsuit and work with other governmental authorities in advance of the launch of the TON network.
 

TON Team

At the same time, CoinDesk reports that the project investors received a letter with information about the proposed transfer of the TON launch from late October to April 30 next year.

At the same time, the company must approve the decision on the transfer with investors. Each of the groups of investors who bought Gram tokens during two rounds of ICO will have to approve it separately.

Investors of the second round are invited to fill out the appropriate form before October 23. If the majority refuses to sign, they will be returned “about 77%” of the investment. It is reported that investors of the first round received a separate letter.

In the event that the majority still approves the launch transfer, Telegram plans to send another $ 80 million for the development of TON.