Cryptocurrency traders will pay 15% of their profits as taxes in Thailand

The Republic of Thailand has released the news that cryptocurrency traders in the country will now have to pay a capital gains tax of 15% on all their cryptocurrency exchanges.

Thailand Introduces New Cryptocurrency Tax Law

On January 6, the Bangkok Post disclosed that Thailand’s Ministry of Finance reported that players in the crypto industry such as investors and mining operations would be subject to the new tax law.

The country’s Revenue Department is keeping a close eye on the industry, eyes wide open to generate more revenue from the cryptocurrency sector, which posted an impressive trading volume in 2021.

Surprisingly, the new tax law pardoned crypto asset exchanges. This translates to the fact that crypto exchanges would not pay 15% of the tax profit for crypto. In particular, several of these exchanges have affiliations with large banks and wealthy businessmen in Thailand.

For example, Thailand’s largest bank recently acquired the country’s largest exchange, Bitkub, in November by buying a 51% stake in the exchange. Similarly, the country’s largest food monopoly, CP Group, owns Upbit Thailand, one of the country’s most notable exchanges.

Another good example is Zipmex Thailand. It has an affiliation with the Bank of Ayudhya. Remember that the exchange raised more than $ 40 million from the fifth-largest bank in August of last year.

New Encryption Law Could Be Complex For Laypersons: Zipmex CEO

Speaking about the new crypto tax law, Zipmex co-founder and CEO Akalarp Yimwilai noted that merchants are interested in paying crypto taxes, but the tax methods and calculations are too complex for ordinary people to understand. .

Tax methods and calculations should be more concise, clear and easy to understand. Many people I know want to pay taxes, but don’t know how to calculate them.

Although the government’s methodology for eliminating the tax is unclear, it is already giving different signals. Thailand is famous for being a world tourist center that attracts millions of tourists every year.

His tourism ministry, in an attempt to revive the tourism industry, is working tirelessly to attract the crypto industry with new initiatives. However, the country’s main bank appears to be working against it by cracking down on digital assets.

Last December, the Bank of Thailand announced its plan to craft new measures to regulate crypto-related activities for individuals and businesses. In fact, it will soon publish a consultation paper on the financial picture later this month.

Posted in: Thailand, Tax

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Source: https://cryptoslate.com/crypto-traders-to-pay-15-of-their-gains-as-tax-in-thailand/

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