Thailand introduces double taxation on crypto

Thailand citizens will now have to pay two taxes connected with cryptocurrency in case they are working with it - the 7% of VAT and 15% on tax on capital gains, as cited by the press.

This makes the policy of this state towards cryptocurrency even stricter. The regulators have already recommended the local financial institutions to stay away from cryptocurrency, but the country cannot be called a major hub. Therefore, its policy changes will affect the local traders more than the outside world.

In a similar case in Australia, cryptocurrency has been under double taxation until this has been cancelled thanks to the well-coordinated efforts of the local fintech community. The revenue service of Australia called the Australian Tax Office has recently reminded that some taxes are still necessary to pay despite they have become less oppressive for the business.

Despite the taxation and discouragement of engagement with cryptocurrencies, the Central Bank of Thailand is positive towards blockchain. In older news, several banks in this country have agreed to jointly develop a common platform based on this technology.