Thailand has reportedly scrapped plans to impose a 15% withholding tax on crypto transactions following a surge incryptocurrency trading.<\/p>\n
Earned income on crypto trading or mining can be reported as capital gains on income taxes, tax authorities said Monday, according to the Financial Times.<\/p>\n
The new rules, outlined in a manual published by Thailands revenue department, will also allow traders to offset their annual losses against gains made in the same year.<\/p>\n
The revenue department did a lot of homework and reached out to crypto operators as well to get feedback, said Pete Peeradej Tanruangporn, chief executive of Upbit, a crypto exchange, and co-chair of the Thailand Digital Asset Operators Trade Association. It is much more friendly to both investors and the industry.<\/p>\n
The Bank of Thailand, the countrys Securities and Exchange Commission, and its finance ministry last week announcedplans to issue regulatory guidelines to restrict digital currency payments.<\/p>\n
Digital assets have fast gained momentum in Thailand over the past couple of years, with average daily trading surging to 4.8 billion baht ($143.8 million) from just 240 million baht,Ekniti Nitithanprapas, director-general of the ministrys revenue department, according to Reuters.<\/p>\n
Last week, Indonesia's Financial Services Authority warned that financial firms are not allowed to offer and facilitate sales of crypto assets amid a boom in crypto trading in Southeast Asia's largest economy.<\/p>\n
The authority saidthat the value of crypto assets often fluctuates and that people buying into the digital assets should fully understand the risks.<\/p>\n
Bitcoin prices turned higher Monday, rising 2.3% to $38,444 following heavy losses that hit the cryptocurrency sector. Bitcoinset an all-time high of $69,044.77 on Nov. 10.<\/p>\n
\"While the sell-off in Bitcoin has been relatively muted going into this week, the outlook for the cryptocurrency market as a whole remains negative with heavy losses seen across a range of once-popular altcoins,\" saidNicholas Cawley, Strategist at DailyFX. \"If the market as a whole is looking to Bitcoin to lead the way higher, it is most likely to be disappointed as BTC struggles with nearby resistance.\"<\/p>\n
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\nThailand Scraps Plans to Tax Bitcoin, Crypto Transactions - TheStreet<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"