- Thai crypto platforms warn users of new tax implications on transactions.
- Bitkub exchange updates FAQ for crypto tax policy changes in Thailand.
- Thailand enforces 15% capital gains tax on cryptocurrency earnings from January 2022.
Cryptocurrency trading platforms in Thailand began notifying users about potential tax consequences associated with their cryptocurrency transactions.
The Thai government has recently implemented tax policies to generate income from this sector. The regional tax authorities declared forthcoming modifications to make cryptocurrency earnings liable to specific taxes.
During the progress, Thailand-based local exchanges have started notifying their clients regarding the updates. Specifically, the crypto exchange Bitkub has made revisions to the FAQ section on its website to incorporate these modifications.
Based on the details given, tax authorities define crypto taxpayers as individuals who have engaged in the sale, payment, transfer, or exchange of a cryptocurrency/digital token through a Thailand-registered exchange. This group also encompasses individuals involved in cryptocurrency mining and those receiving income in the form of cryptocurrencies.
Additionally, the FAQ page provides information regarding the taxes applicable to digital assets users own. The cryptocurrency exchange also stated that it does not share customer information with tax agencies unless a customer specifically asks for this to be done.
In a September 2023 report, the Bangkok Post indicated that most policy modifications pertain to income or assets obtained abroad. According to the article, the tax appears to target several categories of individuals, including citizens who trade cryptocurrencies within the nation.
Nonetheless, the Thailand government has previously implemented taxes targeting cryptocurrency transactions. In January 2022, tax officials in the area established a 15% capital gains tax on earnings derived from trading cryptocurrencies. Thai citizens and foreigners who reside in the country for over 180 days annually will be obligated to pay these taxes when applicable.
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