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The traders and business owners in Thailand have been waiting to get more clarity regarding the crypto tax criteria in the country. Keeping this in consideration, the Thai revenue department plans to accelerate its crypto tax plans to offer more clarity to traders regarding crypto-related activities.
Uncertainties regarding crypto regulations are one of the reasons why several parties are often skeptical about stepping into the crypto space even if they are interested.
However, according to the statement given by the director-general of the Thai revenue department, the criteria for calculating taxes on crypto trading pairs will be specified this month. Let’s find out more details.
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Details About Thailand’s Crypto Plans
The initiative by the Thai government was taken a week after it announced that the crypto traders will be subjected to 15% capital gains tax. However, there was some visible confusion among the traders. This is why the revenue department was instructed by the Thai Prime Minister Prayut Chan-o-cha to work on a solution and provide some clarity regarding crypto-related services to the public.
The department has reportedly been in talks with:
- Bank of Thailand
- Securities and Exchange Commission
- Stock Exchange of Thailand
Suppakrit Boonsat, President of the Thai Digital Asset Association also stated:
“Most cryptocurrency investors are ready to pay tax but are concerned whether their move will violate the Revenue Code,”
Even though people have a lot of concerns and questions, the government has responded positively.
An official spokeswoman stated that the government does not intend on imposing any kind of hindrance in the development of any industry. However, supporting crypto trading without fully understanding it may result in a crypto crisis, which can be similar to a financial crisis.
According to reports, the tax would not apply to cryptocurrency exchanges in the country. It would only apply to:
- Profits from the investors
- Profits from the traders
It has also been reported that entities who fail to comply with the new filing requirements will have to pay hefty fines.
What Should Crypto Investors and Traders Know?
Defining the crypto regulation criteria is indeed beneficial for the crypto investors and traders but it will also benefit the economy of the country. The regulatory uncertainties and the pressure that come with it have been impacting the economy and tourism ministry in Thailand.
However, the regulatory clarifications provided by the revenue department are anticipated to make a difference.
The crypto industry has a high significance indeed. Therefore, if you are interested in trading crypto assets then make sure you learn about some crypto trading strategies.
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