Thai King's office issues royal decree to regulate and tax cryptocurrencies.

Two royal decree (fast-racked legislation) drafts issued by the Thai King's Council of Ministers and aimed at regulating cryptocurrency transactions and imposing taxes on capital gains from crypto investments have been approved by the Cabinet of Thailand yesterday. The royal decrees cover cryptocurrencies and initial coin offerings under their purview. 

The push for legislation over cryptocurrencies comes at the behest of the Deputy Prime Minister of Thailand, Mr. Wissanu Krea-ngam, who had previously cited concerns of crypto abuse in money laundering, tax evasions and other criminal activities. The law proposing regulations are meant to safeguard existing and future investors in cryptocurrencies and isn't meant to prohibit cryptocurrencies and their usage, as per the Deputy PM's Office.

The draft decrees are expected to be reviewed and discussed by Thai financial authorities as early as next week. Thailand's Finance Ministry already classifies cryptocurrencies and digital tokens issued through ICOs as 'digital assets' and was said to be working towards 'broader organic laws' requiring all digital asset transaction to be registered with relevant authorities.