What's in this article
Thailand has made a remarkable u-turn from its proposed 15% crypto tax policy after serious opposition from traders. Stakeholders argued that imposing unreasonable taxation would only strangle the emerging local crypto industry.
Reports of the change in the plan have triggered positive reactions from solid advocates, including Upbit’s Cheif Executive Officer, who said:
“The revenue department did a lot of homework and reached out to crypto operators as well to get feedback. It is much more friendly to both investors and the industry.”
Thailand’s crypto industry has been on the rise in the last 18 months or so, thanks to the increased adoption of DeFi and NFTs amongst youths. As part of efforts to regulate the space, the country’s legislative arm banned meme coins and NFTs. However, the 15% cryptocurrency capital gains tax was deemed too extreme by stakeholders.
Last year, the Tourism Authority of Thailand (TAT) hinted that the country will look to lay the groundwork for “crypto millionaires” to spend their digital tokens “without having to exchange it, or be faced with government taxes.”
In contrast to this concept, the Thai Securities and Exchange Commission (SEC) is looking to introduce regulations for digital currency payments.