Thailand is abandoning its proposed 15% tax on cryptocurrencies including mining. The Thai government faced strong backlash to the proposed crypto tax and remains one of the more crypto tax-friendly countries, for now

Paiboon Nalinthrangkurn, the Chairman of the Federation of Thai Capital Market Organizations, warned that taxing stock trading and cryptocurrencies may substantially lower the market by liquidity by as much as 40%.

Additionally, the proposed tax may deter foreign investors from trading.

The Bank of Thailand (BOT) issued a joined statement with the Securities and Exchange Commission (SEC), and the Ministry of Finance (MOF) on regulating crypto payments: "​The Bank of Thailand (BOT), the Securities and Exchange Commission (SEC), and Ministry of Finance (MOF) have jointly reviewed the benefits and risks of digital assets, and deem it necessary to regulate the usage of digital assets as a means of payment for goods and services, to avert potential impacts on the country's financial stability and economic system."

The BOT welcomes comments and suggestions to its proposed regulations on crypto payments from stakeholders and interested parties. All must be submitted by 8 February 2022.

Bitcoin Dominance in Thailand

According to Statista Research Department, bitcoin accounted for 13.4% of cryptocurrencies in Thailand for 2021.

Thailand crypto share

source: Statista

Instead of the 15% tax, people that earn from trading cryptocurrencies or mining may report the income as capital gains on their income taxes. Thus, annual losses can be offset against profit that was made within the same year.

On 22 December, the BOT warned that: “the spread of the Omicron variant was a key risk that could hinder the economic recovery going forward, and thus warranted close monitoring."

By scrapping the crypto tax, Thailand may attract miners and exchanges to operate in the country. Thailand is taking a different approach as opposed to India and Indonesia.

A short while ago, India announced it is imposing a 30% tax on income from cryptocurrencies. Furthermore, the Indian Finance Minister, Nirmala Sitharaman affirmed that losses from their sale could not be offset against other income.

Recently, the Indonesian Financial Services Authority (OJK) prohibited companies from marketing and facilitating crypto trading.

Thailand is abandoning its proposed 15% tax on cryptocurrencies including mining. The Thai government faced strong backlash to the proposed crypto tax and remains one of the more crypto tax-friendly countries, for now

Paiboon Nalinthrangkurn, the Chairman of the Federation of Thai Capital Market Organizations, warned that taxing stock trading and cryptocurrencies may substantially lower the market by liquidity by as much as 40%.

Additionally, the proposed tax may deter foreign investors from trading.

The Bank of Thailand (BOT) issued a joined statement with the Securities and Exchange Commission (SEC), and the Ministry of Finance (MOF) on regulating crypto payments: "​The Bank of Thailand (BOT), the Securities and Exchange Commission (SEC), and Ministry of Finance (MOF) have jointly reviewed the benefits and risks of digital assets, and deem it necessary to regulate the usage of digital assets as a means of payment for goods and services, to avert potential impacts on the country's financial stability and economic system."

The BOT welcomes comments and suggestions to its proposed regulations on crypto payments from stakeholders and interested parties. All must be submitted by 8 February 2022.

Bitcoin Dominance in Thailand

According to Statista Research Department, bitcoin accounted for 13.4% of cryptocurrencies in Thailand for 2021.

Thailand crypto share

source: Statista

Instead of the 15% tax, people that earn from trading cryptocurrencies or mining may report the income as capital gains on their income taxes. Thus, annual losses can be offset against profit that was made within the same year.

On 22 December, the BOT warned that: “the spread of the Omicron variant was a key risk that could hinder the economic recovery going forward, and thus warranted close monitoring."

By scrapping the crypto tax, Thailand may attract miners and exchanges to operate in the country. Thailand is taking a different approach as opposed to India and Indonesia.

A short while ago, India announced it is imposing a 30% tax on income from cryptocurrencies. Furthermore, the Indian Finance Minister, Nirmala Sitharaman affirmed that losses from their sale could not be offset against other income.

Recently, the Indonesian Financial Services Authority (OJK) prohibited companies from marketing and facilitating crypto trading.