Thailand has introduced a 15% capital gain tax on cryptocurrency traders as trading volume surges in the Southeast Asian nation.
The announcement notes that the new tax directive only applies to the investors and crypto miners but exempts exchanges.
The Thai Finance Ministry has asked those involved to accurately declare their income in the year’s filing but did not specify if the new policy applies to unrealized gains.
It remains unclear whether the Thai administration would tax annual filings or whether it would compel the exchanges to apply at the source.
The largest cryptocurrency exchanges in Thailand are associated with big banks and wealthy individuals. Country’s Siam Commercial Bank bought BitKub crypto exchange in November.
The co-founder and CEO of Zipmex, Akalarp Yimwilai, notes that the crypto tax calculation could be complex factoring in the USD exchange rate.
The move mirrors the Bank of Thailand crackdown on cryptocurrencies as it warns businesses and commercial banks to stay away from the asset class.
Source: Bangkok Post