Thailand to define ‘red lines‘ for crypto in early 2022
“Cryptocurrencies cannot become a means of payment,” Bank of Thailand governor Sethaput Suthiwartnarueput stated. The government of Thailand is preparing a new regulatory framework for cryptocurrencies like Bitcoin (BTC) in order to minimize risks and improve investor protection.The Bank of Thailand (BoT) will release a consultation paper in January that will define “red lines” for the crypto industry, governor Sethaput Suthiwartnarueput said in a Dec. 14 interview with The Bangkok Post.“We want to ensure that we strike the right balance between allowing financial innovation and managing....
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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....
The Thai Revenue Department had initially intended to tighten oversight of cryptocurrency trading after seeing substantial market growth. Thailand has decided to suspend the implementation of its 15% cryptocurrency capital gains tax for now. The proposal, which was presented earlier this year, triggered a lot of opposition, but it appears that some sort of crypto tax will still be implemented.Thailand will reportedly not proceed with its 15% cryptocurrency tax plan after traders in the nation expressed strong opposition, according to The Financial Times. On income taxes, tax officials said....
Since Dec. 2021, the government of Thailand has been working on preparing a new regulatory framework by defining “red lines” for the crypto industry. In an ongoing effort to carve out a regulated crypto market for the general public, the Thailand Securities and Exchange Commission (SEC) announced a ban on the use of cryptocurrencies for payments. Parallelly, the Commission proposed a new rule that demands disclosure of service quality and IT usage information from crypto businesses including brokers, exchanges and dealers.According to the notice issued by the Thai SEC, businesses in the....
Crypto-related profits, such as those resulting from the trading of digital currencies, will be taxed at a rate of 15%, a finance ministry official has revealed to the local press in Thailand. After last year’s significant market growth, the department intends to improve surveillance of crypto trade in 2022.
Thailand Urges Crypto Traders to Report Profits on Tax Returns
The Ministry of Finance in Thailand advises investors to indicate their income from crypto holdings when they file their tax declarations this year, the Bangkok Post reported on Thursday. Capital gains....
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....