Thailand is among the countries considering introducing cryptocurrencies into their financial landscape. To this end, it plans to take new measures that will relate to the use of these digital assets. For this, the government has officially revealed that it will accelerate discussions on the taxation criteria as well as the rules that traders and companies wishing to use cryptocurrencies will have to know and master.
The intentions of the Thai government
The Director General of Thailand’s Ministry of Revenue has revealed that clear and precise criteria will be set for calculating taxes on profits relating to cryptocurrency trading. These criteria will be officially defined and then finalized during the month of January 2022.
The authority’s statement comes less than a week after the Thai government unveiled plans to impose a 15% tax on capital gains earned by traders and people who trade. mining of cryptocurrencies. According to the information that is currently available, the new tax will only apply to profits of digital asset traders and exchanges. Those who do not comply with the new requirements will be harshly sanctioned.
In the process, remember that on Tuesday, an article published in the Bangkok Post revealed that Thai Prime Minister Prayut Chan-o-cha has instructed the Ministry of Revenue to consider the matter and provide clarification to investors and the public. In addition, the ministry has entered into discussions with various institutions, including the Bank of Thailand, the Securities and Exchange Commission and the Stock Exchange of Thailand.
Risk of cryptocurrency crisis in case of precipitation
If government authorities have stepped up, it is also because of the pressure exerted by the country’s associations specializing in the field of digital assets. This is the case of the Thai Association of Digital Assets. On Sunday, she contacted the Department of Revenue to seek clarification on capital gains and withholding taxes.
“Most cryptocurrency investors are willing to pay taxes, but are concerned about whether their move will violate the tax code,” said Suppakrit Boonsat, the president of the association.
On the government side, everything is being done to not hinder innovation and development in certain sectors such as FinTech. However, a spokesperson warned: “If we rush to support [le trading de cryptomonnaie] without a thorough understanding, there could be a cryptocurrency crisis similar to a financial crisis. »
Thailand will make cryptocurrencies an essential pole of the country’s economy. However, before that time comes, the authorities plan to put in place new rules that will serve to define the relationships between market players. In the meantime, they have engaged in discussions with major institutions in the country.
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