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Thailand Will Tax Crypto-related Gains From Digital Currency Trading At 15%

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Thailand’s Ministry of Finance reported to the local press on January 6 that crypto-related income, such as those derived from digital currency trading, will now be taxed at a rate of 15%.

According to a Bitcoin.com report, the country’s Ministry of Finance then asked investors to disclose and record their income from crypto assets when filing their tax returns in 2022. Following last year’s considerable market expansion, the ministry established the new tax slab in order to increase the surveillance of crypto commerce in 2022.

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According to a finance ministry official, the new taxes law applies to all taxpayers who generated a profit from cryptocurrency transactions, including investors and operators of crypto mining operations. Digital asset exchanges, on the other hand, will be free from the tax.

Gains from bitcoin trading are deemed assessable income under Thailand’s Section 40 of the Royal Decree modifying Revenue Code No.19. In anticipation of a large expansion of the digital asset market in 2021, banking authorities in the country intend to strengthen their monitoring of coin trading activities.

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Certain parts of crypto taxation, however, remain unclear and unexplained, according to crypto industry representatives such as Akalarp Yimwilai, cofounder and CEO of crypto exchange Zipmex. Yimwilai stated that many questions about the new taxation remain unresolved. Few of them know how to calculate profits or whether money from a rise in the value of the US dollar is considered a profit.

Certain parts of crypto taxation, however, remain unclear and unexplained, according to crypto industry representatives such as Akalarp Yimwilai, cofounder and CEO of crypto exchange Zipmex. Yimwilai stated that many questions about the new taxation remain unresolved. Few of them know how to calculate profits or whether money from a rise in the value of the US dollar is considered a profit.