Bank of Thailand Changes its Mind on Bitcoin, Trading Resumes
In late 2013, the Bank of Thailand issued an advisement on bitcoin which stirred up fear, halting the buying and selling bitcoin and using them to pay for goods and services. But according to BitLegal.io, the country's hostile stance on bitcoin has changed. The central bank has said that bitcoin exchanges do not fall under the regulation of the Ministry of Finance unless foreign currencies are also offered for exchange. Not surprisingly, the largest bitcoin exchange operating in the country, Bitcoin Co. Ltd., has said they would be resuming trading operations, effective immediately.....
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Just five days following circulating reports that Thailand allegedly changed its mind on bitcoin, we're learning that their view on bitcoin may just have been misinterpreted. It started when Thailand's largest bitcoin exchange, Bitcoin Co. Ltd., sent a letter to the Bank of Thailand for clarity on regulation. The response indicated that the bitcoin exchange's operation did not fall under the regulation of the Ministry of Finance. As such, the exchange opened their doors to trading. But an official at the central bank has come forth and denied the exchange's claims, noting that it has....
Bank of Thailand warns people against Bitcoin, saying it is electronic data and shouldn't be used as a currency. In the long list of countries shedding their light upon Bitcoin, Thailand seems to be one of the countries that doesn't know whether it should love or hate the virtual currency. Last month, the Bank of Thailand allowed the country's largest Bitcoin exchange site to resume operations. Bitcoin.co.th was forced to shut down in August last year, after Bank of Thailand ruled that the using and trading of cryptocurrencies was illegal. In February this year, the exchange was allowed to....
Saturday, September 27th 2014, Bitcoin Co. Ltd will be hosting a Bitcoin conference in Thailand, regardless of the country's inability to decide where they stand when it comes to cryptocurrency. Registration is free and open to the public. As if the people of Thailand needed another reason to invest in bitcoins, a few months ago there was a run on the Government Savings Bank (GSB), which is under management of the Thai government. We have fractional reserve banking to thank for this. The only thing worse than not getting your money is getting your money and it being worthless. Throughout....
Bitcoin trading has resumed in Thailand. Photo via Doug88888. The last piece of Bitcoin news that people probably remember getting out of Thailand was when everyone thought they were the first country to ban the cryptocurrency. Although the official statement from the Foreign Exchange Administration was not actually a ban on the cryptocurrency, many people around the world understood that the statement about illicit activities related to Bitcoin was probably not good. It seems that regulation in Thailand is about to move in the opposite direction as the Bank of Thailand decided the....
Authorities in Thailand have formally introduced a value-added tax (VAT) exemption for transfers of cryptocurrencies through government-approved exchanges. The tax break, in force until the end of next year, will also apply to digital currency issued by the Bank of Thailand. Royal Decrees Enforce VAT Exemption for Crypto Trading in Thailand Investors moving cryptocurrencies and digital tokens through exchanges in Thailand will benefit from a 7% VAT exemption on such transactions. A decree published in the Royal Gazette on Tuesday enforced the tax break retroactively from April 1, 2022. It....