Thailand finance ministry announces 15% capital gains tax on cryptocurrencies
|- Thailand’s finance ministry reveals cryptocurrency taxation norms, asks traders to prepare for increased surveillance.
- Cryptocurrency exchanges will be exempt from Thailand’s taxation norms.
- Retail investors and mining operators are covered under Thailand’s new crypto tax rules.
Thailand’s finance ministry has revealed new norms for cryptocurrency taxation. Retail investors and miners are covered under the crypto tax regime.
Thailand imposes taxes on crypto traders
Thailand’s finance ministry has imposed a 15% tax on all taxpayers gaining from cryptocurrencies. The ministry has revealed that there will be an increase in surveillance and recommended that investors identify their income and file their taxes.
If retail investors or mining operators fail to pay taxes, they will be punished. The new rules leave cryptocurrency exchanges out of the capital gains tax.
A spike in crypto market capitalization and trading activity in Thailand led to new tax rules as the Southeast Asian nation announced plans to strengthen its surveillance of crypto trading.
Under section 40 of the Royal Decree amending Revenue Code No.19, the finance ministry would impose capital gains tax on retail investors and miners.
Patrick Sells, Chief innovation officer at Bitcoin broker NYDIG was quoted as saying,
ICCU’s focus on member experience and on providing a diverse array of solutions has enabled it to build a reputation as one of the nation’s leading credit unions, and its decision to implement bitcoin services through NYDIG and the Alkami Platform can supercharge that growth.
According to a source close to Thailand’s finance ministry, the Southeast Asian nation seeks to recover its lost revenue from tourism by attracting the world’s crypto traders.
The Tourist Authority of Thailand (TAT) is currently working with regulators, and Bitkub, one of the largest crypto exchanges in the nation, plans to allow tourists to make crypto payments. This positions Thailand as a “crypto-positive society.”
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