Thai Cabinet nods for work on digital money regulations

BANGKOK, March 14 (TNA) - The Thai Cabinet has approved in principle a plan on working out a new draft bill on the regulation of digital money trade and investment, which is expected to be completed soon. Spokesman of the Deputy Prime Minister Nattaporn Jatusripitak, who is also an advisor to the Minister Attached to the Prime Minister's Office, told journalists that the Thai Cabinet endorsed the plan, proposed by relevant government agencies, at its weekly meeting at Bangkok's Government House on March 13. The spokesman said the detailed content of the draft bill has already been forwarded to the Council of State for a review prior to its submission to the Thai Cabinet for further consideration, expected by next week. The spokesman stated that the move was in response to increasing trade and investment in digital assets by both individual and institutional investors in Thailand, explaining that the new law, once promulgated, will protect traders and investors from falling into victims of fraudulent and money laundering networks, as well as from losing their business opportunities. The spokesman revealed that under the new law, all corporate investors, including digital money markets, as well as brokerage and dealers' companies, are legally required to have their businesses registered with a government regulator. Besides, profits and dividends from digital money trade and investment must be taxed by the Thai Ministry of Finance's Department of Revenue, like traders and investors of the capital market. Meanwhile, Kesara Manchusree, President of the Stock Exchange of Thailand (SET), told reporters that SET will closely work with relevant government agencies and listed companies to support the enforcement of the new law, once promulgated. (TNA)