Thailand Has Accepted Bill In Setting Crypto Currency

[bojokusugih]

A bill will be drafted by the Government of Thailand and has given its consent to regulate the regulation of cryptocurrency transactions in the region. This information will be disclosed by Finance Minister Apisak Tantivorawong, through Nikkei Asian Review.

According to Tantivorawong during a cabinet meeting held on March 27, it was proposed that the Thai Revenue Department should collect an additional tax of 7% VAT and 15% ownership tax on cryptocurrency and some collections made by ICO, but this measure would not apply to minority investors .

In addition, it is noted that regulations are being designed to prevent the growing sector of digital currency that will be used for money laundering, tax evasion, and other criminal activities that could affect Thailand's economy and this has been done in many other countries. Just keep waiting for the publication in the Royal Gazette so that the new mechanism can come into force.

[hase0278]

A bill will be drafted by the Government of Thailand and has given its consent to regulate the regulation of cryptocurrency transactions in the region. This information will be disclosed by Finance Minister Apisak Tantivorawong, through Nikkei Asian Review.

According to Tantivorawong during a cabinet meeting held on March 27, it was proposed that the Thai Revenue Department should collect an additional tax of 7% VAT and 15% ownership tax on cryptocurrency and some collections made by ICO, but this measure would not apply to minority investors .

In addition, it is noted that regulations are being designed to prevent the growing sector of digital currency that will be used for money laundering, tax evasion, and other criminal activities that could affect Thailand's economy and this has been done in many other countries. Just keep waiting for the publication in the Royal Gazette so that the new mechanism can come into force.

Where have you got this bit of information from? I can't search any news like this which has been recently published in a credible source. Also are you talking about the news posted in cryptoglobe and bitcoinist.com? If that is the case, then I wouldn't believe it easily, IMO they aren't credible enough. Nevertheless, it is great if it is not a fake news made to generate FOMO. Below are the links to the news I am talking about.
http://bitcoinist.com/crypto-investors-in-thailand-will-get-taxed/
https://www.cryptoglobe.com/latest/2018/04/thai-finance-ministry-reveals-cryptocurrency-investments-will-get-taxed/

[pey]

Though the additional tax for cryptocurrencies are not nice but the regulation is overall positive because cryptocurrencies are recognized which has positive effect on the market.

[topesis]

If the information is true this is good development, I think Government are now realizing that they can not prevent the inevitable, Crypto has come to stay, but what I don't understand is how they are going to be know the real amount I am suppose to pay in tax, especially in a bear market.

[dumbdragon]

I think 15% tax is acceptable. It makes a lot of sense to apply in all countries.

[iqlimasyadiqa]

If the information is true this is good development, I think Government are now realizing that they can not prevent the inevitable, Crypto has come to stay, but what I don't understand is how they are going to be know the real amount I am suppose to pay in tax, especially in a bear market.

Honestly I still quite doubt the news, because today is indeed a lot of news that the truth should be tested. If true then this is a very good thing of course, with so will more and more countries that support the development of Bitcoin and that could increase the popularity of Bitcoin. Yes only need clarification alone, because with the right information and correct the results will be satisfactory. Thailand is one of the countries with a good market share in asia, if this is applicable then the southeast asia market could be boosted to regulate Bitcoin / cryptocurrency.

[5ensei]

This isn't too bad, I like the part that says it doesn't apply to minority investors which I'm guessing means general public buying fractions of bitcoins and doing a bit of trading. It would be hard to police anyway so going after the big traders only sounds like a good plan

[sigtmerchant]

There are no news about this locally. Knowing how Thai gov't works it will take them ages to endorse something like this and then even longer to implement, leave alone enforce.

[adroitful_one]

If the information is true this is good development, I think Government are now realizing that they can not prevent the inevitable, Crypto has come to stay, but what I don't understand is how they are going to be know the real amount I am suppose to pay in tax, especially in a bear market.

I don't think they really do. I don't think they would even know if you knew anything about crypto. The idea is you're supposed to report it yourself. You're supposed to log every trade and transaction you make with crypto so that when tax season comes around, you'll know how much they're allowed to steal from you.

[DeepChipolino]

Good news. Even if it is not true. Puppeteers begin to drive the market in a different direction.

[Lecsor]

Though the additional tax for cryptocurrencies are not nice but the regulation is overall positive because cryptocurrencies are recognized which has positive effect on the market.

And how you wanted you to get rid of scammers and while you did not pay anything, this in the modern world does not happen. Another thing is how, after the adoption of the bill, this will affect tourists, Thailand will become even more attractive or not.

[Milamol]

In 2017, Thailand was visited by 35 million tourists. I think, still that there are fewer people in crypto than tourists in Thailand. Therefore, one can hardly expect  increase of tourists for these reasons.

[unusualfacts30]

A bill will be drafted by the Government of Thailand and has given its consent to regulate the regulation of cryptocurrency transactions in the region. This information will be disclosed by Finance Minister Apisak Tantivorawong, through Nikkei Asian Review.

According to Tantivorawong during a cabinet meeting held on March 27, it was proposed that the Thai Revenue Department should collect an additional tax of 7% VAT and 15% ownership tax on cryptocurrency and some collections made by ICO, but this measure would not apply to minority investors .

In addition, it is noted that regulations are being designed to prevent the growing sector of digital currency that will be used for money laundering, tax evasion, and other criminal activities that could affect Thailand's economy and this has been done in many other countries. Just keep waiting for the publication in the Royal Gazette so that the new mechanism can come into force.

although it won't affect crypto price as much it's still a great news. looks like we're finally starting to see good that should follow with more good news as it would help the market recover faster.

[newwest]

Though the additional tax for cryptocurrencies are not nice but the regulation is overall positive because cryptocurrencies are recognized which has positive effect on the market.

Yes acceptance is the bigger thing because it does restrict the people to make use of crypto currency atleast. On other hand if talking of tax nobody likes it and this is going to hurt people because finally some % would be taken over by government .

[luongdk]

What is the difference between minority and majority investor according to this rule? I don't think that someone will pay this tax. But we will wait for a period of time to clarify this law

[cabbarlana]

These developments will sooner or later come true. States will want to get a share from a monetized environment. What matters is taxation at a level that will not exploit people's earnings. Such developments will make the use of crypto money more widespread.

[chukaday]

This is sweet for those living in Thailand. And I am extra jealous because you lot get to save 5%+ more than I can in my country. Kudos

[makishart]

I think 15% tax is acceptable. It makes a lot of sense to apply in all countries.

It really makes sense compared with future tax in the US. That doesn't make any sense to see the comparison between how many percentage must by crypto traders to the US and Thailand government. 15% doesn't matter a lot in my opinion.

[hasna17]

If the information is true this is good development, I think Government are now realizing that they can not prevent the inevitable, Crypto has come to stay, but what I don't understand is how they are going to be know the real amount I am suppose to pay in tax, especially in a bear market.

Honestly I still quite doubt the news, because today is indeed a lot of news that the truth should be tested. If true then this is a very good thing of course, with so will more and more countries that support the development of Bitcoin and that could increase the popularity of Bitcoin. Yes only need clarification alone, because with the right information and correct the results will be satisfactory. Thailand is one of the countries with a good market share in asia, if this is applicable then the southeast asia market could be boosted to regulate Bitcoin / cryptocurrency.

I agree'
If the information is correct, this is a good development, but I think it needs proof, the Government now realizes that they can not prevent unwanted things, Crypto has come to stay, but what I do not understand is how they will know the amount which are actually,
and this also needs to be clarified.
so the result can be very satisfying.

[sweerty1]

Sounds nice. Details look weird. Are they gonna force regulate to reasonable amount owners? If they are gonna do its better than many other proposals. I mean small investors shouldn't be forced to spend high taxes.