Coin Edition -
- Cryptocurrency exchanges in Thailand alert customers about the tax implications of holding digital assets.
- Thai tax authorities plan to make changes to crypto taxes in the country this year.
- Persons categorized as crypto taxpayers include crypto traders, miners, and people who earn in crypto.
Cryptocurrency exchanges in Thailand started informing customers about tax implications that may arise from their cryptocurrency trading activities in the country.
This development follows a slew of recent tax policies introduced by the Thai government to draw revenue from the space. Previously, the tax authorities in the region announced upcoming changes that will see crypto revenue subjected to certain taxes.
Amidst the development, local exchanges based in Thailand have begun alerting customers about the changes. In particular, the cryptocurrency exchange Bitkub exchange has updated its website’s FAQ section to reflect these changes.
According to the information provided, crypto taxpayers, as categorized by tax authorities, include “a person who has sold, paid, transferred, or exchanged a cryptocurrency/digital token” on an exchange registered in Thailand. The category also includes crypto miners and persons earning in cryptocurrencies.
Furthermore, the FAQ page details information on taxes chargeable on digital assets held by users. However, the crypto exchange clarified that it does not disclose customers’ information to tax authorities except at the customer’s request.
Meanwhile, a September 2023 report by Bangkok Post said most of the policy changes are directed at income or assets acquired overseas. Per the report, the tax is seemingly directed at various groups, including citizens involved in cryptocurrency trading activities in the country.
However, this is not the first time the Thailand government has introduced taxes directed at crypto trading. In January 2022, tax authorities in the region introduced a 15% capital gains tax on profits earned from cryptocurrency trading activities. Thais and foreign nationals who have spent more than 180 days per year in the country will be subject to the taxes once they take effect.
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