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Thailand Presents More Relaxed Cryptocurrency Tax Plans: Report

The Asian country has struggled for months with what kind of tax it should levy on cryptocurrency mining, trading and transactions. However, the Financial Times reported that authorities had finally decided to abandon the idea of ​​taxing transactions. Citing new rules from Thailand’s tax authorities, the FT said authorities no longer want to introduce a 15% withholding tax on transactions involving digital assets. This comes less than a month after the country presented its latest idea to tax all cryptocurrency efforts starting this year. However, the move faced increased opposition from local digital asset companies and investors. Even the former head of the Thai Securities and Exchange Commission (SEC) – Tipsuda Thavaramara – even claimed it would be counterproductive. It seems that the authorities have been listening to the local crypto community as they said that people who make profits from crypto trading or mining can report them as capital gains on their income taxes. In addition, traders will be able to offset their annual losses with gains made in the same year. The chief executive of Upbit, Pete Peeradej Tanruangporn, praised the local government for actually reaching out to crypto operators and doing its homework. “It’s much friendlier to both investors and the industry.” – he added. Thailand’s population has shown a greater appetite for digital assets in recent years, bringing some of the largest crypto exchanges to the market. One such example came from Binance, which is looking to launch a digital asset platform in the country with the help of local billionaire Sarath Ratanavadi. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees.
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