- Thailand’s Ministry of Finance reveals cryptocurrency taxation standards and asks traders to prepare for increased scrutiny.
- Cryptocurrency exchanges will be exempt from Thai tax standards.
- Retail investors and miners are covered by Thailand’s new crypto tax rules.
Thailand’s Ministry of Finance has revealed new standards for the taxation of cryptocurrencies. Retail investors and miners are covered by the crypto tax regime.
Thailand Imposes Taxes on Crypto Traders
Thailand’s Ministry of Finance has imposed a 15% tax on all taxpayers who profit from cryptocurrencies. The ministry revealed that there will be increased scrutiny and recommended that investors identify their income and file their taxes.
If retail investors or miners do not pay taxes, they will be punished. The new rules exclude cryptocurrency exchanges from capital gains tax.
A spike in market capitalization and crypto trading activity in Thailand has led to new tax rules as the Southeast Asian nation announced plans to tighten oversight of crypto trading.
Under Article 40 of the Royal Decree amending the Revenue Code No 19, the Ministry of Finance would impose a capital gains tax on retail investors and minors.
Patrick Sells, chief innovation officer at bitcoin broker NYDIG, reportedly said:
ICCU’s focus on member experience and providing a wide range of solutions has earned it a reputation as one of the nation’s leading credit unions, and its decision to put implementing bitcoin services through NYDIG and the Alkami platform can accelerate this growth.
According to a source close to Thailand’s Ministry of Finance, the Southeast Asian nation is seeking to recover its lost tourism revenue by attracting crypto traders from around the world.
The Tourism Authority of Thailand (TAT) is currently working with regulators, and Bitkub, one of the largest crypto exchanges in the country, plans to allow tourists to make crypto payments. This positions Thailand as a “crypto-positive society.”