Thailand has announced that domestic traders will now have to pay a 15% capital gains tax on all of their crypto transactions.
Thailand Adopts New Cryptocurrency Tax Law
On Jan. 6, Thailand’s Treasury Department reported that crypto industry players such as investors and mining companies are subject to the new tax law, Bangkok Post Messages.
The country’s Treasury Department is closely monitoring the industry with the aim of boosting revenue from the crypto sector, which has seen impressive trading volumes in 2021.
Surprisingly, the new tax law spared crypto exchanges, which means exchanges don’t have to pay the 15% tax. In particular, some exchanges have ties to major banks and business giants in Thailand.
For example, Thailand’s leading bank acquired a 51 percent stake in the country’s largest stock exchange, Bitkub, in November.
Another good example is Zipmex Thailand which is affiliated with Ayudhya Bank. The exchange raised over $ 40 million from the fifth largest bank last August.
New cryptocurrency laws could get complicated for the layman
Speaking of the new crypto tax law, Zipmex co-founder and CEO Akalarp Yimwilai noted that traders are interested in paying crypto taxes, but the tax methods and calculations are too complicated for ordinary people.
“Tax methods and methods must be shorter, clearer and easier to understand. A lot of people I know want to pay taxes but don’t know how. “
Thailand is known as a global tourist center, attracting millions of tourists every year. The country’s tourism ministry is working tirelessly to revitalize the crypto industry with new initiatives to revitalize the industry. However, the Thai central bank is trying to crack down on digital assets.
Last December, the Central Bank of Thailand announced plans to introduce new measures to regulate crypto-related activities for individuals and businesses. In fact, it will publish an advisory report on the financial landscape later this month.
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