Thailand’s government is moving toward a new effort to promote the crypto & blockchain Industry with its unique strategy of less tax system for the investors.
In the past few years Thailand showed that it is a blockchain and crypto lover country. Here not only lawmakers are making crypto-friendly policies but also big companies and financial institutions are doing better works to show their better influence with better services in the crypto industry with the initiative to give a better financial system.
On 8 March, Reuters published a report and noted that Thailand’s crypto investors are going to take a long relief with the new tax policies of Thailand.
According to Reuters, Under the new tax policies, crypto investors will get a 7% exception on their gains for their investment & profit on recognized native crypto exchanges. And also traders will be able to offset their loss against the gained profit, which means investors will get huge relief because of the holdings loss in other crypto assets.
Around two weeks ago, Thailand ended its 15% tax system on the net gain profit on crypto investments. And now the new exemption on profit is a new initiative of Thailand to promote crypto and blockchain in the country.
Reports noted that this new rule on crypto tax will remain active from April 2022 and last until December 2023. However, the same crypto tax rule may remain active for upto 10 years.
Arkhom Termpittayapaisith, finance minister of Thailand, commented on this effort of the government agency and said that such efforts are made to push the adoption and awareness of the crypto Industry among South East Asia’s second-largest economy.
Thailand’s crypto tax policies influence other countries
These steps by the Thailand government on the exemption and low tax will surely give a better influence to the other countries to create better policies in favor of the crypto Investors.
In particular, the Indian crypto community is currently facing a 30% tax on net profit on each crypto investment, where investors have no option to offset their loss against the profit. Probably India-like countries will learn from Thailand to give better policies on crypto.