After the Bank of Thailand ordered the country’s financial institutions to steer clear of cryptocurrency, its military government has now advised that cryptocurrency taxes are on the cards.
Thailand has previously been hesitant to take decisive action against cryptocurrencies. However, 2018 has seen this on-the-fence stance change.
February saw the country’s financial institutions put an end to offering crypto-related services, while earlier this month saw authorities suggest that virtual currencies would soon be subjected to tax regulations.
Thailand to Issue Crypto Tax
According to Nikkei Asian Review, the latter is definitely happening. Thailand’s Finance Minister, Apisak Tantivorawong, made the announcement on the 27th of March. Authorities cite the prevention of money laundering, tax evasion, and aiding in criminal activities as the reasons for the introduction of these cryptocurrency taxes.
Crypto investors will be liable to pay a 7% value added tax (VAT) on all of their cryptocurrency trades as well as a 15% capital gains tax on their returns.
Protecting the Status Quo
The February ban and this latest tax development appear to show that the country’s government could be feeling wary of the impact that the disruptive nature of virtual currencies could have on …
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