Thailand Decides To Temporarily Waive 15% Tax On Capital Gains In Cryptocurrencies

As reported by The Financial Times, Thailand will not implement its 15% cryptocurrency tax plan after strong opposition from traders in the country. The country's authorities planned to introduce a capital gains tax on the asset class, including trading and mining.

Supporters of the crypto market said that high taxes would lead to a suffocation of the market. Cryptocurrency has become very popular in the country over the past 18 months, especially among young people. However, Thai lawmakers stepped up their crypto regulatory efforts, banning the trading of memecoins and NFTs last year.

The Central Bank of Thailand announced that it would take measures to regulate cryptocurrency activities for individuals and legal entities. To this end, a consultation paper will be released calling for comment and consensus on restrictions on crypto activities.

Image: CoinLive