Understanding Cryptocurrency Law In Thailand

Thailand's Cryptocurrency market has grown to become the 2nd largest economy in South East Asia. And as such the Government is watching and playing a very non-commital role. For example on March 8th, 2022 - Finance Minister Arkhom Termpittayapaisith told a news conference that Thailand's cabinet has relaxed tax rules for investments in digital assets. The move is to promote and spur growth in the industry following a surge in cryptocurrency trading in Southeast Asia's second-largest economy.
The new rules will allow traders to offset annual losses against gains for taxes due on cryptocurrency investments. The cabinet also voted to exempt a value-added-tax of 7% for cryptocurrency trading on authorized exchanges.
The tax exemption, effective from April 2022 to December 2023, will also cover trading of retail central bank digital currency to be issued by the central bank.

Understanding Crypto In Thailand

Surprisingly on March 24th, 2022 Thailand bans payments using cryptocurrencies and other digital assets. I suspect you now understand our earlier comment about "being non-commital". This is often the "Thai Way". The move by the Securities and Exchange Commission will apply to all cryptocurrency, including Bitcoin. Consumers will no longer be allowed to purchase goods or services with the digital currencies. Payment operators who provided a platform to pay using digital assets will be given a grace period until the end of April to halt services.

Cryptocurrency and Tax In Thailand

The SEC & The Bank Of Thailand

The SEC said it decided to regulate and control the use of digital assets after discussing the "risks and benefits" with the Bank of Thailand (BoT). The risks include losses from , cybertheft, unstable prices, volatility and of course money laundering.

Cryptocurrencies are a big draw in Thailand and their use as payments is becoming widespread. The Mall Group, a major retailing company, started installing digital asset payment devices at its shopping centers last year in December. And a real estate company under the conglomerate known as the CP Group, sells property that can be bought with crypto.

In Thailand, 31% of people own digital assets, this is according to a survey done by Statista, a market intelligence company. As stated earlier that represents the second largest economy in South East Asia.

Income Tax Law On Cryptocurrency In Thailand

Taxation and declaration on capital gains from cryptocurrency is really simple. For an individual you would report it as other income and the amount earned is then taxable. The rate of tax would depend entirely on your total income of that fiscal year. Please refer to this web page on Personal Income Tax. PCS has some very interesting solutions regarding Cryptocurrency and Taxes. We would be very pleased to share.

Cryptocurrency In Thailand

SUMMARY - Ironically one of the founding Partners of Professional Corporate Services has been involved in Cryptocurrencies since 2009. We certainly have enough experience and knowledge and we stay on top of developments. If you need help with any Crypto issue please consider contacting our knowledgable staff. And remember the 1st consultation is totally FREE so don't hesitate to contact us!

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