Thailand abolished the 15% tax on cryptocurrency
Image Source:

Thailand abolished the 15% tax on cryptocurrency

Thailand’s revenue agency has agreed to eliminate the 15% crypto tax. This is good news for the cryptocurrency business, which is growing at a rapid pace. After facing tremendous pushback from traders and crypto advocates in Thailand, the decision to eliminate taxes on crypto trading profits was made.

Thailand’s revenue agency has agreed to eliminate the 15% crypto tax

Thailand abolished the 15%  tax on cryptocurrency
Image Source:

Cryptocurrency, if not taxed at 15%, would still be susceptible to some level of taxation. The high taxes on trading and mining, on the other hand, will be eliminated. According to cryptocurrency supporters, such a taxing regime might have stifled the country’s crypto industry’s growth.

Cryptocurrencies have risen in popularity in Thailand, particularly among the younger population. The elimination of 15% mining and trading taxes is likely to inspire crypto investors to return to the market.

Thailand’s Government’s Cryptocurrency Regulatory Efforts

Thailand’s Security and Exchange Commission (SEC) recognized the cryptocurrency industry’s immense potential while also recognizing the hazards, and has worked on a regulatory framework to protect users. As part of the regulation step, the country’s lawmakers have also prohibited certain meme currencies and NFTs.

Despite Thailand’s efforts to safeguard and defend bitcoin investors, the matter is fraught with ambiguity. It wasn’t clear whether the taxes would be applied to annual returns or at the moment of sale.

It’s apparent what crypto investors might expect now that Thailand’s government has decided to completely remove this taxation framework. Thailand’s Tourism Authority contributed to this by stating that increasing cryptocurrency trading might actually help the country’s economy, particularly after the outbreak.

The governor of TAT, Yuthasak Supasorn, stated that “those who have gotten affluent by hoarding digital currencies” may be looking to spend their assets. “If people can use their currencies here without having to exchange them or pay government taxes,” he added, “it will be convenient for them.”

The Thai Central Bank further stated that new mechanisms to govern crypto activity on an individual and organizational level are currently being developed. A consultation paper will be released that will talk of a consensus and include a remark on cryptocurrency’s limits.

Thailand’s cryptocurrency regulatory agenda will revolve around major problems such as money laundering, taxation, and investor safety. Overall, it is clear that bitcoin will not be restricted and will be permitted to operate within legal boundaries.

Because of the introduction of De-Fi and NFTs into the market, digital assets have increased at an exponential rate. “The Securities and Exchange Commission must allow and regulate the issuance of digital tokens, and the issuer must provide information and market the coins through token portals licensed under the Digital Asset Decree,” according to the Thai SEC.

However, Thailand’s Securities and Exchange Commission (SEC) has issued guidelines restricting cryptocurrency payments. Thailand’s stance on cryptocurrencies was cautious, and it had previously placed a stop to the trading platform Binance. It’s encouraging to see the Thai government embrace cryptocurrency in order to promote its growth.

Also read: Australian billionaire sues Facebook for crypto scams