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
519
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 Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$98 788
BTC
+1.73%
-
Ethereum
$3 311.83
ETH
-0.28%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.46
XRP
+31.39%
-
Dogecoin
$0.401585
DOGE
+4.63%
-
Cardano
$0.951964
ADA
+20.88%
-
Bitcoin Cash
$485.47
BCH
+0.81%
-
Polkadot
$6.36
DOT
+8.95%
-
Stellar XLM
$0.300832
XLM
+24.69%
-
Litecoin
$90.39
LTC
+1.98%