Several countries are looking forward to imposing a tax on income generated by selling and trading crypto. India, being the newest country to announce a 30% tax on the income coming from crypto trading, Thailand has taken steps to shed those tax charges. Earlier, Thailand planned to impose a 15% cryptocurrency tax on the traders. Due to this planning, supporters of the crypto market are left to smother around. Following significant growth in the market size, the Thailand Government was to strengthen the regulatory system and finance department. Forwarding to which, it planned taxing cryptocurrency income.
But now, there is a sigh of relief, as Thailand’s Revenue Department has decided not to force a tax on crypto trading. However, the government is still making ways to subject a certain amount of tax if not 15%. More this, certain NFTs and meme coins have been banned by the regulatory authority in Thailand. These moves have been made in the best interest of crypto traders and investors.
A press release led by the Bank of Thailand and Securities and Exchange Commission and Ministry of Finance emphasized the crypto market growth. The acquisition of digital assets among businesses and investors is expanding day by day. It is believed, that with this increased adoption, there can be high economic and financial risks. Also, risks like price volatility, cyber theft, personal data leaks, or money laundering can lead to increased criminal activity.
Thailand’s Security and Exchange Commission to lay guidelines
The Bank of Thailand supports digital assets but it should not come with regulatory risk. Such digital assets can lead to serious crimes, tax evasion, fraudulent activity, digital hacking. As the Government appreciates the expanding cryptocurrency system, it looks forward that the system is driven by an appropriate regulatory framework.
However, Thailand’s Security and Exchange Commission (SEC) will certainly draft guidelines in response to cryptocurrency trading. It is undeniable by the SEC to overlook the exponential growth of Defi and NFTs in the market. Thai SEC has stated,
The issuance of digital tokens must be authorized and overseen by the Securities and Exchange Commission and the issuer is required to disclose information and offer the coins through the token portals licensed under the Digital Asset Decree.”
Surely, the countries are trying their best to maintain a structural framework to make cryptocurrency trading safe.