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Thailand to Draft Plans to Regulate and tax Cryptocurrencies

by Associated Press

   BANGKOK --

   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.

   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.