Crypto mining reportedly rises in Thailand due to Chinese crypto ban
Thailand is among the countries capitalizing on China’s crypto crackdown, with retail investors increasingly mining crypto. Retail cryptocurrency mining in Thailand has apparently received a boost due to the capitulation of Chinese miners triggered by the country’s new crypto mega ban enforced in September.Thai entrepreneurs and cryptocurrency businesses have been increasingly capitalizing on Chinese miners getting rid of their crypto mining machines, Al Jazeera reported Wednesday.“The moment China banned crypto, we were ecstatic,” one Thai-based Bitcoin (BTC) enthusiast and turned miner....
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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....
A crackdown on bitcoin mining by China has led to an increase in the number of Thai investors that have acquired and are operating mining rigs, a report has said. The report adds that many of these investors are currently earning between $30 and $40 per day from each mining rig.
Chinese Crackdown and the Effect on Mining Rig Prices
The number of bitcoin miners in Thailand surged in 2021 after China’s ongoing crackdown on bitcoin mining forced major players in the industry to quit or to ship their equipment to countries with friendlier regulations.
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A Chinese-Iranian Bitcoin mining facility is set to resume operations after being forced to shut down earlier in the year. After four months of closure, Iran’s largest Bitcoin mining facility is set to resume its operations.According to a report by IranWire, the decision to restart operations at the Bitcoin mining farm was due to massive financing put up by Chinese backers.Located in Rafsanjan, a city in the Kerman Province of Southeast Iran, the Bitcoin (BTC) mining farm was at the center of controversy earlier in 2021.Back in January, the authorities in the province ordered the closure....
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 […]
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....