Thailand Has Just Axed The 15% Tax On Crypto

Thailand’s revenue department has decided to drop the 15% tax levied on cryptocurrency. This is a piece of positive news for the cryptocurrency industry that’s progressing by the minute. The decision to do away with imposing taxes on the profit made by crypto trading comes after witnessing strong opposition from traders and crypto supporters of Thailand.

Crypto would, however, continue to be subjected to certain amount of taxes if not 15%. The heavy taxation on trading and mining will however be scraped off.

According to crypto followers, such a taxation framework could have ended up stifling the development of the crypto industry in the nation.

Thailand witnessed tremendous growth in the popularity of cryptocurrency, especially among the younger population. The news of removing 15% taxes on mining and trading would now attract crypto investors back into the space.

Related Reading | Bitcoin Mining Revenue Plummets To 6-month Low Amid Downtrend

Cryptocurrency Regulatory Efforts By The Thailand Government

Thailand’s Security and Exchange Commission (SEC) acknowledged the enormous potential of the cryptocurrency industry along with recognizing the risks and has worked on a regulatory framework to safeguard users. Lawmakers of the country have even banned certain meme coins and NFTs as a part of the regulatory move.

Although Thailand intends to ensure protection and safeguard crypto investors, there’s quite a bit of vagueness surrounding the same. It wasn’t made clear if the taxes would be imposed on annual filings or at the source itself.

Now that the Thai lawmakers have decided to remove this taxation substructure altogether, it has shed light on what crypto investors could expect.

The Tourism Authority of Thailand added to this and said that encouraging cryptocurrency trading could, in fact, boost the country’s economy especially after the pandemic struck.

Yuthasak Supasorn, the governor of TAT stated that people who have…

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