Thailand is accelerating its cryptocurrency tax plans as it prepares regulations for digital asset traders this month in an effort to bring further transparency to cryptocurrency activities.
The director general of Thailand's Department of Revenue said that clear criteria for calculating taxes on profits from cryptocurrency trading will be finalized this month.
The statement came less than a week after the government of this Southeast Asian country unveiled plans to impose a 15% capital gains tax on cryptocurrency traders and miners .
Thailand's Prime Minister Prayut Chan-o-cha has instructed the Treasury Department to brainstorm on the issue and provide explanations to investors and the public, according to a Jan. 11 article in the Bangkok Post .
The department has already held talks with the Bank of Thailand, the Securities and Exchange Commission and the Stock Exchange of Thailand.
On January 9, the Thai Digital Asset Association contacted the tax department for clarification on capital gains and withholding taxes according to local media . Association president Suppakrit Boonsat said:
"Most cryptocurrency traders are willing to pay tax, but they are concerned whether their move will violate the Tax Code"
Some traders fear that back taxes or penalties may be imposed on profits and transactions made in previous years.
A government spokeswoman said there is no intention to hinder innovation and growth in any industry, including fintech, but warned that "If we rush to support [cryptocurrency trading] without a thorough understanding, there could be a crypto crisis, similar to a financial crisis.
