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   1275

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.

Raven Protocol to be the First IDO at Binance DEX

Team cannot say exactly how IEO will pass, since similar campaigns hadn't been concluded at Binance DEX before, but they are going to sell $500k worth tokens
14 June 2019   332

The Raven Protocol cryptocurrency project announced about the planned initial exchange offering (IEO), which will be based on the infrastructure of the Binance DEX exchange - in this case the campaign will be called IDO or Initial Dex Offering.

Raven Protocol confirmed the right to list its token on Binance DEX paired with BNB on June 17 at 9:00 UTC. At the same time, the IDO of RAVEN tokens will start. The project draws attention to the fact that neither Binance, nor Binance Chain, nor Binance DEX stand behind this initiative.

At the same time, Raven Protocol notes that it cannot say how exactly IEO will pass, since with Binance DEX, similar campaigns have not been conducted before.

Potential participants need to pass a preliminary identification by sending to the address of their address in the Binance Chain, an identity document, a selfie and proof of residence.

In total, Raven Protocol expects to raise $ 500,000 by selling 3% of its own token emission (300,000,000 RAVEN). Accommodation will be on a first come, first served basis. The limit on the amount of investment for one user is declared at the level of 100 BNB.