Now crypto trading & crypto investment gain is tax free in Thailand
Thailand’s latest move is going to change the crypto & blockchain adoption speed to the next level in the country.
Thailand is a crypto-supportive jurisdiction. The adoption of crypto & blockchain technology at the government level can be seen in some of the schemes of the current ruling government of this country. Over the years, many crypto-focused rules were introduced by the Thailand government, to bring a high degree of clarity for the crypto investors as well as crypto companies.
Recently the Bangkok Post reported that the Finance Ministry of Thailand decided to reduce Value Added Tax (VAT) from the crypto trading activities & profit generated against crypto investment by individuals.
Earlier this tax on crypto profit was 7% but now it is 0% which means zero tax against crypto trading & crypto profit.
This latest decision is going to help the country to become the centre of attraction for crypto companies. In short, this decision is going to push the inflow of money in the country & in this way, Thailand will become a digital assets hub in the world.
Alongside this good news, we also need to know that the Thai Finance Ministry and SEC are currently working on the 2019 Securities and Exchange Act. They planned to introduce some changes & introduce new rules so that all the cryptocurrencies can be easily categorised under the securities law of the country.
Following this new development regarding cryptocurrencies, many Indian crypto proponents talked about India’s 30% crypto tax policy and said that Indian government agencies need to learn from the Thai government.
In early 2022, the Indian finance ministry introduced a 30% tax policy against profit generated on each crypto transaction and an additional 1% TDS.
In the last 2 years, the majority of Indian crypto entrepreneurs opposed the government’s 1% TDS system. Because of the TDS system, the majority of the crypto traders either trade on foreign crypto exchanges or use the decentralised crypto trading platform.
Read also: SEC commissioner says US needs Token Safe Harbor Proposal 3.0 to keep crypto innovations alive
