Thailand imposes a 15% capital gains tax on Crypto traders  

Thailand crypto

Cryptocurrencies have always been popular among the locals of Thailand. According to an estimate, 100,000 Thai citizens are employed in the crypto mining sector. But, like the regulatory bodies across the world, the Thai regulatory watchdogs are also increasing their regulations on cryptocurrency.  

As per the latest reports from Thailand’s Finance Ministry sources, the country has now imposed a 15% capital gains tax on crypto traders. The ministry has advised the people involved with cryptocurrencies to report their income accurately to avoid legal penalties.  

The local media has reported that all taxpayers who gained from cryptocurrencies, including investors and mining operators, will be subject to the 15% withholding tax this year. However, digital asset exchanges are exempt from this duty.   

The move was not surprising as the Revenue Department of Thailand has been planning to increase the surveillance and regulations on crypto trading this year. Under section 40 of Thailand’s Royal Decree, amending Revenue Code no.19, the department holds the authority to collect taxes on trading profits.  

It is still unclear if the taxes will apply to the annual filings or if the government will make the exchange deduct it at the source. Some repercussions are expected, whatever be the case.   

It hasn’t been long since the Tourism Authority of Thailand (TAT) considered launching its cryptocurrency- TAT coin to nullify the damage caused by the Pandemic.   

The regulators worldwide are concerned about the volatility of the crypto market, and the UK authorities might soon follow in the footsteps concerning cryptocurrency taxation. 

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