The government of Thailand has reportedly subjected the crypto industry to a 15% capital gains tax, starting from 2022.
According to a local news site, Bangkok Post, crypto investors, including traders and miners, are expected to identify their income from cryptocurrencies when filing tax with the Revenue Department this year to avoid legal penalties. However, the report stated that crypto exchanges are exempted from the new tax.
A source told Bangkok Post that the Thailand Revenue Department has been observing the crypto industry seen 2021 and has noticed the significant growth in market size and the digital asset value. That is why they have made a move.
In the last 24 hours, bitcoin has been down by 6.85%, with a current price of $43,065 as of the time of writing this. Within 24 hours, bitcoin dropped to $42,435.40 low and $46,821.90 high. The trading volume of bitcoin in the last 24 hours is $2.08B. The current market capitalization of bitcoin is $812.23B. Currently, $18.92M bitcoins are in circulation.
Stats and Image from Coin Desk
Co-founder and chief executive of Zipmex Thailand, Akalarp Yimwilai, a crypto exchange, said that although it is a good idea to tax crypto gains, calculating profits and losses is still a challenge the Revenue Department will have to solve.
“As an exchange provider, Zipmex has been working to develop a system to help our customers calculate profits and losses, but it’s very difficult. If the Revenue Department really has such an advanced data analytics system that it can precisely calculate gains from cryptocurrencies, it would be a great benefit to share it with the industry.”