New regulation in Thailand

[Rodon]

https://cointelegraph.com/news/thai-finance-ministry-releases-final-version-of-cryptocurrency-tax-framework

According to this article, Thai Finance Minister announced that crypto trades will be taxed with a 7 percent value added tax (VAT), and returns taxed with a 15 percent capital gains tax.
It also shows that Thai government made those new regulations in aim to prevent the expanding (crypto) sector from being used for money laundering, tax evasion, and other criminal activities.
I think that it is totally understanding, but don't you think that Thailand might lose some (if not a lot) of its local crypto companies, which would rather go somewhere else, more crypto-friendly such as Singapore?

In the end, crypto regulation was a good or bad move for Thailand?

[1715138505]

1715138505

[Xavofat]

It's interesting how varied people's perceptions of regulation are.  For example, many people on here seem to believe that regulation in Japan is a good thing, but Japanese crypto investors are paying tax as well.

Because Japan's regulation also involved recognising it as a currency (which doesn't really matter very much), a lot of people thought of it as a good idea.

Personally, I see tax on crypto in most countries to be inevitable.  It doesn't matter too much if some countries are behind the curve.

[Cheenguboc143]

According to bitcoin.com . I dono if this is true
Said :

The Thai Deputy Prime Minister has mandated that the law on cryptocurrencies and initial coin offerings be finalized within a month. The regulators have met and agreed that there is no need to invoke the country’s controversial Section 44 law but to introduce a “special law” for them instead.

Mr. Rapee Sucharitakul, Secretary-General of the Securities and Exchange Commission of Thailand (TSEC), revealed on Saturday that related committees have met and decided to enact a “special law” to govern all areas of cryptocurrency, with the TSEC in charge, Thai Rath reported.

This law will also regulate initial coin offerings (ICOs) including providing rules on parties involved in token sales such as investors, middlemen, issuers, and trading platforms, the news outlet detailed, adding:" The special law will regulate the purchases and sales of cryptocurrencies and ICOs in order to avoid market manipulation, money laundering, tax evasion, as well as multi-level marketing schemes."

The Thai Minister of Finance, Mr. Aphisak Tantiworawong, told the news outlet that the country’s Department of Revenue is considering how to tax digital currencies and is waiting for the result of the study from the four units in charge of drafting the law.

The units are the TSEC, the Ministry of Finance, the Anti-Money Laundering (AML) Office, and the Bank of Thailand. They recently met and agreed that it is necessary to define and regulate cryptocurrency.

Mr. Somkid Jatusripitak, the Deputy Prime Minister, has ordered the law on cryptocurrencies and ICOs be finalized within one month.

The Thai regulators have been concerned about the rapid growth of the cryptocurrency and ICO markets. There have been suggestions that “Section 44” may be necessary to immediately regulate this industry.

Section 44 of the Interim Constitution of 2014 empowers the National Council for Peace and Order (NCPO) to issue an order to reform any fields. The NCPO is the junta that has ruled Thailand since 2014. “The deputy prime minister in charge of legal affairs has made clear that Section 44 which empowers the prime minister to have absolute power to make final decision on all problems will remain in force although the country will have the new constitution in use,” Thai PBS reported.

However, Mr. Wissanu Krea-ngam, deputy prime minister under General Prayut Chan-o-cha, told reporters on Friday that there is currently no need to use Section 44 in regards to cryptocurrencies. Instead, he said that normal regulatory procedures will be used.

[coinmaster241]

https://cointelegraph.com/news/thai-finance-ministry-releases-final-version-of-cryptocurrency-tax-framework

According to this article, Thai Finance Minister announced that crypto trades will be taxed with a 7 percent value added tax (VAT), and returns taxed with a 15 percent capital gains tax.
It also shows that Thai government made those new regulations in aim to prevent the expanding (crypto) sector from being used for money laundering, tax evasion, and other criminal activities.
I think that it is totally understanding, but don't you think that Thailand might lose some (if not a lot) of its local crypto companies, which would rather go somewhere else, more crypto-friendly such as Singapore?

In the end, crypto regulation was a good or bad move for Thailand?

VAT up 7% in Thailand? .... Annoying, Previously also occurred in Japan related regulation of authority that caused 2 large Market shut down, Now catch up Thailand (what will happen after the regulation applied? ...

[bit-freedom]

I believe the 7% VAT tax and 15% capital gain taxes are reasonable, these are the usual taxes in Thailand. I don’t think this will drive the crypto companies to other countries such as Singapore.

From what I know of, Singapore’s GST (VAT) is 7% and corporate tax is at 20%.

[portgas313]

it's true you think, but legalized it is a good step for bitcoin users, and with the tax makes the government can minimize money laundering, I think there is a good side of it,

[Bitcionsky69]

https://cointelegraph.com/news/thai-finance-ministry-releases-final-version-of-cryptocurrency-tax-framework

According to this article, Thai Finance Minister announced that crypto trades will be taxed with a 7 percent value added tax (VAT), and returns taxed with a 15 percent capital gains tax.
It also shows that Thai government made those new regulations in aim to prevent the expanding (crypto) sector from being used for money laundering, tax evasion, and other criminal activities.
I think that it is totally understanding, but don't you think that Thailand might lose some (if not a lot) of its local crypto companies, which would rather go somewhere else, more crypto-friendly such as Singapore?

In the end, crypto regulation was a good or bad move for Thailand?

For me there is no issue about implementing tax to take a good or bad to be reproduced. We do not know what their country or the thailand goverment is aware of why they are implementing such a procedure, it is likely that thailand goverment may have no risk of doing that policy.

[Caesar-Giulius]

To me, it is a good news for Thailand to regulate crypto. The taxes imposed by Thailand government is not as high as some countries.

[kissme09]

The move from the Thai government to Crypto is a bad move as many projects will leave the country to a friendlier state. New policies from Thailand to remove criminals in this country and it is a good influence on the society of Thailand.

[khufuking]

If that is true then %7 and 15% is totally acceptable and not over priced or anything . If paying this percentage will make withdraw and trade crypto freely on your country then it is okay . Here in my country government is still thinking and probably do not know what there next move they are just waiting to see how other countries will do then will just follow 

[cryptohunter]

seems very cheap.. moving to thailand might be on the cards

[Cepot]

for me every citizen has an obligation to pay income tax, and in my opinion it makes sense. if the Thai government imposed a 7% tax for me it's still cheap, the most important state supports cryptocurrency so people can use bitcoin

[YuginKadoya]

Well it includes the security and safetiness of having a regulated cryptocurrency in your country I really think some government will do everything to really use something like crypto in a good way, But we really can not prevent some people in using cypto in such illegal ways because of its anonymity many people will keep on thinking ways to exploit it, That is why I think it is OK for the government to question someone in every exchange ones make in where he had get his income, What type of business he got, does he won in a lottery or gambling etc.. These types of question for the safety and security of the person itself and the country.

[etin06]

https://cointelegraph.com/news/thai-finance-ministry-releases-final-version-of-cryptocurrency-tax-framework

According to this article, Thai Finance Minister announced that crypto trades will be taxed with a 7 percent value added tax (VAT), and returns taxed with a 15 percent capital gains tax.
It also shows that Thai government made those new regulations in aim to prevent the expanding (crypto) sector from being used for money laundering, tax evasion, and other criminal activities.
I think that it is totally understanding, but don't you think that Thailand might lose some (if not a lot) of its local crypto companies, which would rather go somewhere else, more crypto-friendly such as Singapore?

In the end, crypto regulation was a good or bad move for Thailand?

Those regulations are not strict  it only introduced taxation  which the government see as a way of getting  their own share of the crypto gain which is not bad in my opinion

[orions.belt19]

Just recently, another country has declared to impose tax for crypto trading as well so it's not surprising that they have followed suit. Other countries may do the same as well. There has been some negative feedback over it because nobody likes paying taxes but overall, I find it as beneficial for crypto-users. It is better than having a ban and the country is actually taking steps toward accepting crypto in their country. It may discourage some users within the country but I think trading will continue to take place especially if it is profitable.

[erichall]

It literally doesn't matter.

Decentralized exchanges will become much more accessible and popular over the next year or so.

And with those exchanges, it will be impossible to regulate anything that the gov wants to regulate.

It will be interesting to watch.

[alroys]

I think the 7% tax is very big and burdensome. what exactly does the Thai government want ?! what will happen after the regulation has been applied to it ?! whether Cryptocurrency will progress and grow or vice versa?! we can only wait, time will answer!

[cryptohunter]

I think the 7% tax is very big and burdensome. what exactly does the Thai government want ?! what will happen after the regulation has been applied to it ?! whether Cryptocurrency will progress and grow or vice versa?! we can only wait, time will answer!

7% tax is big and burdensome?

not sure if serious?

I am expecting any country that  I would be keen to live in will be charging far more. Of course I would rather pay 0 but we know this is never going to be the case especially as crypto grows to a sizable sector.

[pompinkpomelo]

Ya the tax isnt actually that large but it could cause any dev work here to potentially hop across a border.

[Minnasan]

I think the 7% tax is very big and burdensome. what exactly does the Thai government want ?! what will happen after the regulation has been applied to it ?! whether Cryptocurrency will progress and grow or vice versa?! we can only wait, time will answer!

Paying 7% of taxes is not much in my opinion, since the income earned by any individual from crypto is quite large, and with the imposition of a tax on crypto currency I think it will help the development of his country as well.
Considering more than 1 million criptocurrency users in every country, and of course this is just an opinion of what I know ...

[GeorgiyBilyk]

that in Thailand the doors are open and try to regulate it at least as if it is not bad! We need countries that will open the doors to the entire crypto market! that they came up with a tax, this is a normal reaction of the state to profit!