Another bitcoin trading company has emerged as a legally registered entity in Thailand after obtaining e-commerce registration with a local district office in June, with its digital currency trade restricted to baht. The registration was obtained despite doubts over the legality of the virtual currency.
Coins (Thailand) began its service early this year after it was awarded with an e-commerce registration licence by Huay Khwang District Office on June 20 after hiring a local legal advisory team to comply with Thailand's rules and regulations concerning e-commerce, said Ron Hose, the Philippines-based chief executive officer and founder of Coins Co.
The District Office considers the company's bitcoin trading operations as a form of commodity trade rather than currency. Mr Hose insisted on its legitimacy in operating the business, adding that the US Internal Revenue Service has also treated digital currencies as a property for tax purposes.
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