Thailand to accelerate the implementation of tax criteria for cryptocurrency
The country's Revenue Department is already in talks with the Central Bank, the Securities and Exchange Commission, and the Stock Exchange of Thailand
11.01.2022 - 10:55
354
1 min
0
What’s new? The head of Thailand's Revenue Department, Ekniti Nitithanprapas, said that the clear criteria for calculating taxes on the cryptocurrency trading profits will be finalized in January. The department is already in talks with the Central Bank, the Securities and Exchange Commission, and the Stock Exchange of Thailand, the Bangkok Post reports.
Why is Thailand accelerating the implementation of the tax? Earlier, the country's government unveiled plans to introduce an income tax for cryptocurrency traders. Following this, Suppakrit Boonsat, President of the Thai Digital Asset Association, said:
“Most cryptocurrency investors are ready to pay tax but are concerned whether their move will violate the Revenue Code.”
Some traders are concerned that tax arrears or penalties may be applied to transactions made in previous years.
How do the Thai authorities comment on the situation? An unnamed government representative said that the authorities do not intend to hinder innovation and development in any industry, including financial technologies.
“If we rush to support crypto trading without a thorough understanding, there may be a crypto crisis, similar to a financial crisis.”
Useful material?
Telegram 
Twitter Crypto regulations
Instead, it is planned to develop rules for the functioning of such platforms
May 29, 2023
Market
Global platform services for local residents will be discontinued on November 30
May 29, 2023
Market
Analysts see this as a sign of a future bull market
May 26, 2023
Technologies
#USD is issued based on the Ordinals protocol and is backed by US dollars
May 26, 2023
Market
The platforms currently support operations with a limited number of digital assets
May 26, 2023
Market
The company’s CEO said that hardware wallet makers “should, at no stage, make the seed phrase accessible to anyone but the user”
May 26, 2023
Cryptocurrency rates
-
Bitcoin
$27 812
BTC
-0.28%
-
Ethereum
$1 903.07
ETH
+0.23%
-
Ripple
$0.5
XRP
+4.12%
-
Cardano
$0.38
ADA
+0.48%
-
Dogecoin
$0.07
DOGE
-0.61%
-
Polkadot
$5.47
DOT
-0.1%
-
Litecoin
$91.69
LTC
+0.47%
-
Solana
$10.15
SOL
-9.47%
-
Monero
$153.78
XMR
-0.66%
-
Stellar
$0.09
XLM
+0.79%