Crypto trades in Thailand now reportedly subject to 15% capital gains tax

Published at: Jan. 6, 2022

The government of Thailand is progressing in regulating the local cryptocurrency ecosystem by reportedly enacting new tax rules for the industry.

Profits from crypto trading in Thailand are now subject to a 15% capital gains tax, The Bangkok Post news agency reported Thursday.

The Thai Revenue Department also plans to step up its monitoring duties following a booming digital asset market last year. The department has the authority to collect taxes from crypto trades as profits from such activity are considered assessable income under Section 40 of the Royal Decree amending Revenue Code No.19, the report stated.

The finance ministry recommended investors to calculate and report their income from cryptocurrencies in tax declarations in 2022 to avoid legal penalties. The new tax will be collected from all taxpayers who gained profits from crypto, including trading and mining operations.

On the other hand, cryptocurrency exchanges are reportedly exempt from new tax requirements.

Akalarp Yimwilai, co-founder and CEO at major local exchange Zipmex Thailand, raised concerns about the ongoing uncertainty regarding the crypto tax reporting process and how to calculate profits.

“Tax methods and calculations should be more concise, clear and easy to understand. Many people I know want to pay taxes, but don't know how to calculate them,” Akalarp said.

Related: Crypto mining reportedly rises in Thailand due to Chinese crypto ban

The new report comes in line with the Thai government’s plans to define “red lines” for crypto in early 2022. Bank of Thailand governor Sethaput Suthiwartnarueput officially announced in mid-December that the central bank was planning to release new regulations specific to the crypto industry early this year.

As previously reported by Cointelegraph, financial authorities in Thailand have been considering legislation to collect a 15% capital gains tax on crypto since at least March 2018.

Tags
Bitcoin
Regulation
Cryptocurrency Exchange
Cryptocurrencies
Government
Thailand
Taxes
Related Posts
Some US lawmakers want Bitcoin miners to be exempted from proposed crypto taxes
Lawmakers in the United States have called for caution regarding implementing a proposed tax policy that could have significant implications for America’s crypto space. As previously reported by Cointelegraph, an expanded crypto taxation regime was a last-minute addition to the $1-trillion infrastructure deal currently being debated in Congress. According to the proposed amendments, tighter rules on crypto reporting requirements could provide $28 billion in additional funding for the government. However, Senator Patrick Toomey is among a group of senators who have warned of the broad language used in the expanded crypto tax policy. According to a Washington Post article, Toomey …
Bitcoin / Aug. 3, 2021
Indonesia considers capital gains tax on cryptocurrency trades
Neilmaldrin Noor, a spokesperson for the Indonesian Directorate General of Taxes, said that the authority is considering a tax scheme for capital gains generated from cryptocurrency trades, Reuters reported on Tuesday. “It is important to know that if there is a profit or capital gain generated from a transaction, the profit is an object of income tax,” the official stated. Noor said that Indonesian taxpayers who receive capital gain from crypto trades would have to pay the tax and report it to the government. The official noted that the new crypto tax scheme for capital gains has not been implemented …
Bitcoin / May 11, 2021
Thai SEC consults public on crypto investor income rules
The Securities and Exchange Commission of Thailand has launched a public consultation on proposed cryptocurrency investor qualification rules. According to an official announcement Thursday, the Thai SEC is now seeking public comments on proposed qualifications for crypto investors including certain income and trading experience requirements. As part of the initiative, the Thai SEC is planning to hold a live hearing through its Facebook page on March 24. The public consultation will continue until March 27, the authority said. According to a proposed consultation paper, the regulator is planning to set solid limits on cryptocurrency trading in Thailand, including requiring local …
Bitcoin / Feb. 25, 2021
Exchanges outdo auctions for governments cashing in criminal crypto, says exec
Earlier this week, Lithuania's tax service, the Lithuanian State Tax Inspectorate, added $7.6 million dollars to the state budget through the sale of cryptocurrencies seized in criminal investigations. The occasion marked the first time that the Lithuanian government liquidated confiscated cryptocurrencies. In doing so, the country joined the growing number of jurisdictions worldwide that have auctioned off or sold cryptos obtained by the long arm of the law. However, unlike the United States Federal Marshals, which netted $37 million at auction from confiscated crypto last February, the STI opted to sell the crypto through an exchange. According to Linas Rajackas, …
Bitcoin / Nov. 27, 2020
Huobi Korea scores certification from Korea Internet and Security Agency
Huobi Korea, the South Korean arm of the world’s second-largest cryptocurrency exchange by trading volume, has been certified by a major regulator. According to an announcement on Jan. 18, the Korea Internet and Security Agency, or KISA, has granted Huobi Korea an information security management system, or ISMS, certification. The ISMS certification will provide Huobi Korea with a comprehensive management system to ensure security and compliance with the Special Payment Act — new legislation requiring local crypto businesses to report transactions in line with revised Know Your Customer and Anti-Money Laundering policies. Specifically, exchanges must report the real names of …
Bitcoin / Jan. 18, 2021