Thailand and Crypto Tax

Thailand Crypto

Major Crypto Companies Announce New Partnership:

At the turn of the year, government and regulatory discourse on cryptos tax flood the crypto news wires.

Binance (BNB) reached an agreement with Gulf Energy Development PLC, a Thai business. They are to build a digital asset exchange. Despite an ongoing criminal complaint against Binance, the decision was made.

Several nations have also become supporters of crypto including Japan and South Korea. In these two locations, crypto adoption is considered pretty high. 

Thailand, as well as a crypto-friendly nation as the Bank of Thailand, don’t restrict crypto. However, meme coins and NFTs unlike cryptocurrency are two that they have completely banned.

The government of Thailand has thought of putting a 15% capital gain on crypto trading profits. The capital gains taxes are for investors and mining operators. They are not for digital asset exchanges. The Bank of Thailand is also making efforts to open a central bank digital currency.

The Bank of Thailand’s Ithanon-LionRock CBDC is now in the proof-of-concept stage, according to CBDC Tracker. The Hong Kong Monetary Authority (HKMA), the Bank of Japan, the Reserve Bank of Australia, and the Bank of Korea are all the central banks at the proof-of-concept stage.

Some have viewed the new 15% capital gains tax as crypto-friendly. However, some don’t believe so. The following countries have removed VAT on trading and don’t support cryptocurrency. Australia, Singapore, and some EU member states, according to the Deputy Secretary-General.

Thailand contributed 0.99 percent of Bitcoin’s worldwide hash rate in August 2021, according to the University of Cambridge.

More importantly, crypto use in Thailand is increasing. According to Chainalysis, global adoption increased by more than 880 percent in 2021. In 2021, Thailand was 12th out of 154 countries in terms of cryptocurrency adoption. Therefore, they are one position ahead of China.

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Read here: Why the bank of England is concerned about cryptocurrency?

Thailand and Crypto Tax

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