According to a report in the Financial Times, Thailand will not go ahead with its initial plan to introduce a 15 percent cryptocurrency tax after the country’s traders expressed strong opposition. Supporters of the crypto market there claim that the market will be suffocated due to high taxation. The Revenue Department of Thailand plans to strengthen surveillance on cryptocurrency trading after seeing good growth in the market.
According to the new rules of the Revenue Department of Thailand, traders will be allowed to compensate for their annual losses against the profits made in that year. Pete Peeradej Tanruangporn, CEO of crypto exchange Upbit and of the Thailand Digital Asset Operators Trade Association, said that the revenue department did a lot of homework and learned the reaction of crypto operators. This is favorable for both the investors and the industry.
The country’s SEBI and the finance ministry, including the Bank of Thailand, had last week announced plans to issue guidelines to ban digital currency payments.
Governments around the world are seeing aspects such as taxation, investor interest and anti-money laundering as top priority on the agenda of regulating cryptocurrencies. The asset class has grown significantly over the past two years due to the tremendous growth in the decentralized finance (DeFi) and non-fungible tokens (NFT) space.
Many countries are focusing on how to tax the crypto market. India has become the newest country to declare tax for the asset class. The Indian government seems to have taken the path of trying to discourage the general public from crypto. It has been said to levy tax at the rate of 30 percent, which is equal to the tax on lotteries, game shows etc. and is much higher.
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