Thailand to draft plans to regulate and tax cryptocurrencies

FILE - In this April 3, 2013 photo, Mike Caldwell, a 35-year-old software engineer, holds a 25 Bitcoin token at his shop in Sandy, Utah. Bitcoin is an online currency that allows people to make one-to-one transactions, buy goods and services and exchange money across borders without involving banks, credit card issuers or other third parties. Thailand’s cabinet has agreed to draft a law to regulate cryptocurrency trading, seeking to tax the largely unregulated market. Government spokesman Nathporn Chatusripitak said Tuesday the Ministry of Finance also proposed the new regulations to help prevent use of digital currencies in money laundering and fraud. (AP Photo/Rick Bowmer, File)

BANGKOK — Thailand's cabinet agreed Tuesday to draft a law to oversee cryptocurrency trading, seeking to tax the largely unregulated market.

Government spokesman Nathporn Chatusripitak said the Ministry of Finance also proposed the new regulations to help prevent use of digital currencies in money laundering and fraud.

He said details of the proposed regulations would be announced later in the month.

In February, Thailand's central bank issued a circular asking financial institutions to not handle transactions involving cryptocurrencies.

Across Asia, governments have been belatedly moving to exert control over bitcoin exchanges and other fast-growing cryptocurrency-related activities.

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