Thailand reportedly exempts 7% crypto tax for traders on authorized exchanges
The revised tax policy exempts crypto traders from the mandatory 7% VAT on authorized exchanges while offering tax exemptions of up to 10 years for crypto startup investors. The finance ministry of Thailand has reportedly eased up crypto tax regulations to promote investment in the digital asset market.The changes to the tax regulations come just a few weeks after the government scrapped its early plans of introducing a 15% tax on crypto gains. The new tax policy exempts crypto traders from the 7% value-added tax (VAT) on authorized exchanges, reported Reuters.The revised tax policy would....
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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....
Thailand seeks to introduce a new set of rules for retail crypto investors, specifically targeting those who want to open accounts. The Thai financial watchdog could require domestic crypto exchanges to ask traders for proof of income. Thai SEC Could Also Ask Crypto Investors to Prove Their Knowledge of the Market According to a Bloomberg report, the Securities and Exchange Commission (SEC) of Thailand is likely preparing the ground to require investors to show their income or assets before opening accounts. Ruenvadee Suwanmongkol, the secretary general of the country’s financial....
While Thai crypto investors and miners are required to pay the tax in 2022, exchanges are reportedly exempt from the new duty. The government of Thailand is progressing in regulating the local cryptocurrency ecosystem by reportedly enacting new tax rules for the industry.Profits from crypto trading in Thailand are now subject to a 15% capital gains tax, The Bangkok Post news agency reported Thursday.The Thai Revenue Department also plans to step up its monitoring duties following a booming digital asset market last year. The department has the authority to collect taxes from crypto trades....
Thailand’s revenue department has decided to drop the 15% tax levied on cryptocurrency. This is a piece of positive news for the progressing cryptocurrency industry. This decision to do away with imposing taxes on the profit made by crypto trading comes after strong opposition from traders and crypto supporters of Thailand. Crypto would, however, continue […]
Thailand has reportedly revised its net capital rules which help securities firms launch cryptocurrency exchanges. The country now has 15 licensed crypto service providers. New Thai Rules and Crypto Exchanges The Thai Securities and Exchange Commission (SEC) has revised its net capital (NC) rules which help securities companies provide crypto services, the Bangkok Post reported Wednesday. “The revised NC rules are expected to help free up liquidity for securities firms that plan to enter new business such as open digital or cryptocurrency exchanges,” the publication conveyed,....