Thailand being crypto friendly country

[tech30338]

Thailand now is making a move allowing tax exemption for gains in crypto, this will boost crypto in their country, but with the exemption should only valid if the gains are done on  exchange approve by their government.
They also have plans to allow tourist to spend using crypto, this is very exciting as some people want to use crypto as payment.
What can you say about this move of Thailand?

Here is the link of the news:
https://cointelegraph.com/news/thailand-tax-exemption-crypto-income-five-years

[Coyster]

So in summary, crypto users would not pay capital gains tax for the next five years, up until December of 2029. It's not bad, but maybe they should have done it in such a way that people who have held or who hold their coins for a certain period of time would be exempted from paying capital gains. With their current method of choice, what happens after 2029?

That said, it is true that they are moving towards being crypto friendly, i guess they want to see what advantage it would have on their economy, particularly the move of allowing tourists to spend crypto in their country, that could allure crypto tourists to Thailand and boost revenue from tourism.

[Trêvoid]

Plus, letting tourists pay with crypto is really exciting and could make the country a hotspot for digital payments. Overall, it’s a great balance of encouraging innovation and protecting users.

[sokani]

i guess they want to see what advantage it would have on their economy, particularly the move of allowing tourists to spend crypto in their country, that could allure crypto tourists to Thailand and boost revenue from tourism.

They announced last month that they're blocking these exchanges.

The Thailand SEC warned of blocking Bybit, 1000X, CoinEx, OKX, and XT.COM platforms on June 28 to protect investors and prevent illegal platforms from being a channel for money laundering by fraudsters.

And the 5 years tax exemption is only applicable to government-approved exchanges.

The waiver is limited to transactions on government-approved platforms. The new tax relief will not apply to unauthorized exchange investors; some could even face fines.

So maybe the main reason for the weaver is to ensure their citizens only trade on government-approved exchanges in order to checkmate money laundering, as they claimed, or they want to rack up fees from issuing licenses to exchanges. But anyways, I think it's a good news.

[Fiatless]

This is simply a strategy to centralize the Thai crypto industry. With the restrictions placed on exchanges like Bybit, OKX, XT.COM, and others, only exchanges under government control will be allowed to operate in the country. Having said that, tax exemption on crypto trading will attract more crypto users to the nation, thereby driving economic development.

[avikz]

Thailand now is making a move allowing tax exemption for gains in crypto, this will boost crypto in their country, but with the exemption should only valid if the gains are done on  exchange approve by their government.
They also have plans to allow tourist to spend using crypto, this is very exciting as some people want to use crypto as payment.
What can you say about this move of Thailand?

Here is the link of the news:
https://cointelegraph.com/news/thailand-tax-exemption-crypto-income-five-years

Amazing news! If Thailand really starts accepting crypto payments for tourists, I would like to again go back for a long vacation. I wouldn't have to worry about converting my Bitcoins into fiat currency.

This is the kind of adoption news we want to hear on a daily basis, rather than hearing another company is planning to buy thousands of Bitcoins. I sincerely hope it becomes reality.

[Article4tip]

Thailand now is making a move allowing tax exemption for gains in crypto, this will boost crypto in their country, but with the exemption should only valid if the gains are done on  exchange approve by their government.
They also have plans to allow tourist to spend using crypto, this is very exciting as some people want to use crypto as payment.
What can you say about this move of Thailand?

Here is the link of the news:
https[Suspicious link removed]mption-crypto-income-five-years

Amazing news! If Thailand really starts accepting crypto payments for tourists, I would like to again go back for a long vacation. I wouldn't have to worry about converting my Bitcoins into fiat currency.

This is the kind of adoption news we want to hear on a daily basis, rather than hearing another company is planning to buy thousands of Bitcoins. I sincerely hope it becomes reality.

Just curious. You've obviously been to the country. Wht do you find interesting about Thailand? Why would anyone visit it instead of say Japan or Indonesia? and if the country is so enchanting, would converting your coins be a barrier to another visit?

[xzone]

It is a very touristic country, it attracts the attention of many people due to its low prices and natural beauty.
If they also become crypto-friendly, they will make a great advertisement. It will be a very good idea to increase their income.
Although it is not very functional or practical to pay with crypto while going to a hotel and vacationing, it will attract the attention of many people. States that do such things can be in much more positive economic situations than other states in the long run

[Coyster]

This is simply a strategy to centralize the Thai crypto industry. With the restrictions placed on exchanges like Bybit, OKX, XT.COM, and others, only exchanges under government control will be allowed to operate in the country.

This is not peculiar to Thailand, most countries that regulate crypto only allow services that have the required license to operate, and without the license you can't offer your services in that jurisdiction. That said, the exchanges that are approved to operate are not under the governments control per se, they are only required to comply with the extant laws, and this is the same in other countries too.

[passwordnow]

Who can ask better than the Thailand government with this adoption and rules? if people really want to spend crypto on their country, that's good. And if the government really wants to adopt and approve the usage of crypto on their jurisdiction, better. We can't complain on this one, and at least their government is doing some adjustments but as long as it's done on an exchange approved and registered by them, that's fine. It is part of regulations that they have done to make people ease the transactions by the usage of crypto there which mostly applies to tourists.

[SUPERSAIAN]

Thailand now is making a move allowing tax exemption for gains in crypto, this will boost crypto in their country, but with the exemption should only valid if the gains are done on  exchange approve by their government.
They also have plans to allow tourist to spend using crypto, this is very exciting as some people want to use crypto as payment.
What can you say about this move of Thailand?

Here is the link of the news:
https://cointelegraph.com/news/thailand-tax-exemption-crypto-income-five-years

Thailand is taking important steps to revive the cryptocurrency market and make the country a digital asset hub. Thailand is planning to allow tourists to spend with cryptocurrencies to revive tourism. This is true. Thailand is taking every step necessary to revive tourism and this revival is actually happening.

When the right steps are taken, most countries can actually grow and revive again. Thailand is a very good example. Thousands of people will go on holiday to Thailand just to spend cryptocurrencies in Thailand.

[Nwada001]

This is simply a strategy to centralize the Thai crypto industry. With the restrictions placed on exchanges like Bybit, OKX, XT.COM, and others, only exchanges under government control will be allowed to operate in the country. Having said that, tax exemption on crypto trading will attract more crypto users to the nation, thereby driving economic development.

Strategy to centralise a centralised service? Those listed exchanges are centralised exchanges. If they are asked to leave the Thailand market, which means they have failed to meet up with regulatory requirements, they are not the first to do it. It's about protecting their citizens and, at the same time, watching their citizens' trading activities closely. Licensing and authorization are legitimate things for any business that wants to operate in any country.

[Maslate]

This is great news for all crypto owners. Aside from El Salvador, Thailand opens a great opportunity to spend their crypto without taxes to pay. And knowing the fact that Thailand offers less prices for their goods and services, then it’s a good initiative to spend a tour in Thailand and make the best of your crypto.

Tourism will also become a hit, and most crypto owners will be excited to be part of it.

[Questat]

Another country that deserves to be a tourist spot for crypto lovers. The Thai government has seen it coming, and before any country will take its firsts on crypto, Thailand has taken the edge already. Not only the government economy will prosper, but crypto owners will also have the best opportunity to promote bitcoin and its primary usage as a currency.

[EFS]

Many of my friends have recently traveled to Thailand and all were very satisfied. Many things that are forbidden here are legal there. They are very popular as a tourist destination. I'm also curious about there and want to visit soon. Now they are having a good process in the field of crypto-currencies, that shows the government's vision. Countries should compete with each other on incentives instead of bans.

[avp2306]

Many of my friends have recently traveled to Thailand and all were very satisfied. Many things that are forbidden here are legal there. They are very popular as a tourist destination. I'm also curious about there and want to visit soon. Now they are having a good process in the field of crypto-currencies, that shows the government's vision. Countries should compete with each other on incentives instead of bans.

Great to hear that and somehow what Thailand government did could boost not only the number of crypto users in their country, but possibly it can boost more their tourism and business industry especially that many people would travel and interested to use crypto in their beautiful country.

I can say with that good implementation and for making their country became a crypto friendly they have a good leader that have good vision for their country. For sure that Thailand would benefit a lot on those things they have done since cryptocurrencies has gather lots of fame and there's lots of money to gain from here especially if they can attract lots of people to come in their country.

[BITCOIN4X]

Thailand now is making a move allowing tax exemption for gains in crypto, this will boost crypto in their country, but with the exemption should only valid if the gains are done on  exchange approve by their government.
They also have plans to allow tourist to spend using crypto, this is very exciting as some people want to use crypto as payment.
What can you say about this move of Thailand?

Here is the link of the news:
https://cointelegraph.com/news/thailand-tax-exemption-crypto-income-five-years

I think it is a good approach from the Thai government in supporting the economic growth of its people in various sectors. I experienced something different based on the policies of my country's government, even I have to pay taxes when I make fiat deposits to exchanges that have been licensed by the government. Not only that, every time I trade any coin with any pair, taxes will still be collected so that it is considered detrimental to traders.

If Thailand adopts bitcoin as a means of payment, then they should not limit it to tourists only. Citizens should also be able to use bitcoin as a means of payment, so the policy may need to be reconsidered to find a better solution. It is very unwise to allow others to use bitcoin as a means of payment in their country, while their own citizens are prohibited.

[BABY SHOES]

This is a good step taken by the Thai government where they exempted profit tax on government-approved exchanges, moreover tourists can shop using this crypto will be the center of attention of tourists who go to this country while using bitcoin as a means of payment.

Honestly, we want our country to do the same thing as other countries that are friendly to crypto where there is tax exemption, but unfortunately tax is the main income of the country so it is difficult to exempt from tax.

[joniboini]

If Thailand adopts bitcoin as a means of payment, then they should not limit it to tourists only. Citizens should also be able to use bitcoin as a means of payment, so the policy may need to be reconsidered to find a better solution. It is very unwise to allow others to use bitcoin as a means of payment in their country, while their own citizens are prohibited.

I believe it's still in a trial phase anyway, so it's understandable if the users are limited[1]. Not to mention, the way it works is similar to how crypto credit/debit cards work, where merchants will receive fiat instead of crypto. It's no different than if you use the existing crypto card option and spend it, CMIIW. They promise more reformation, although most of them seem to be targeted toward investment instead of using crypto for payments, but who knows?

[1] https://cointelegraph.com/news/thailand-tourists-crypto-credit-cards-regulatory-reform

[Lida93]

Looking at the period airmarked (2025-2029) that the Thailand government had to choose and as well making it mandatory that the capital gain tax exemption only applies with the use of licensed crypto exchanges in the country does indicate the government objective to  encourage her citizens to take advantage of the crypto ecosystem. And at same time giving them a feeling of security of their funds since they'll be using recognised exchange platforms within the time given.

But then. What would be their next agenda after this few years relapses? And why exempt those crypto users from 2024 behind? They ought to enjoy such gesture too