Thailand Proposes New Cryptocurrency Gains Tax

Thailand Proposes New Cryptocurrency Gains Tax

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Thailand’s cabinet is set to vote on implementation of a new 10% capital gains tax on profits from cryptocurrency investment. Royal Decree will empower the SEC to regulate digital currencies. The Thai Revenue Department has asked the cabinet to vote on an amendment to the new revenue code which would include a proposed 10% capital gains tax on profits from trading in cryptocurrency according to a source inside the ministry of finance. The Bangkok Post reported this morning that the tax will be part of a Royal Decree proposed to allow the SEC to comprehensively regulate all aspects of the crypto market including ICO’s. The new decree will classify cryptocurrency as digital assets, not currency, meaning that the SEC will be charged with regulating all aspects of virtual coins. Rapee Sucharitakul the secretary -general of the SEC said the regulations should set standards for information disclosure of cryptocurrency trading while also overseeing the launching and proceeds generated by ICO’s. Thailand Proposes New Cryptocurrency Gains Tax

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