Thailand approves five-year crypto tax exemption

[Mercury]

https://cointelegraph.com/news/thailand-tax-exemption-crypto-income-five-years

Amazing Thailand! Becoming the number one cryptobros destination and residence for the next 5 years.

 

[toums]

Hmm, they’re saying it only applies to “approved” exchanges , so probably just Thai crypto exchanges.

Anyway, capital gains were already tax-free when using foreign crypto exchanges. It’s only if you remit the capital gains to Thailand (and if you’re a tax resident that year) that it could be taxed. But if they also approve the new tax exemption for remitted income in year N and N+1, that would solve the issue anyway.

 

[foreverdoomed]

Hmm, they’re saying it only applies to “approved” exchanges , so probably just Thai crypto exchanges.

Anyway, capital gains were already tax-free when using foreign crypto exchanges. It’s only if you remit the capital gains to Thailand (and if you’re a tax resident that year) that it could be taxed. But if they also approve the new tax exemption for remitted income in year N and N+1, that would solve the issue anyway.

yes this is the list, only reliable one is binance tbh

 

[Meta]

"Approved in principle", it's not a law yet. Quite cool anyway.

 

[Mercury]

yes this is the list, only reliable one is binance tbh

Bitkub is the leading crypto exchange in Thailand with the best THB pairs trading volume.

 

[foreverdoomed]

Bitkub is the leading crypto exchange in Thailand with the best THB pairs trading volume.

wouldnt keep my money there when binance is an option

Thailand isnt known for its cybersecurity protocols

 

[jeffbean]

It's always been tax free if not remitted

 

[Mercury]

wouldnt keep my money there when binance is an option

Thailand isnt known for its cybersecurity protocols

Except maybe the main trusted ones as Kraken/Coinbase/Binance, why would you want to keep some money on an exchange?

Bitkub has the biggest crypto liquidity and lowest spread in Thailand. Send your crypto there, sell to THB tax-free then wire out THB instantly to your Thai bank account for a 20 THB fee.

 

[foreverdoomed]

Except maybe the main trusted ones as Kraken/Coinbase/Binance, why would you want to keep some money on an exchange?

Bitkub has the biggest crypto liquidity and lowest spread in Thailand. Send your crypto there, sell to THB tax-free then wire out THB instantly to your Thai bank account for a 20 THB fee.

From what I understand of this new rule, sending your crypto and selling there for no tax wouldn't be possible that would be too easy, you'd have to actually trade on the Thai platform and capital gains profits from those trades will be exempt (so you have to keep some money there)

Maybe I'm wrong, hope so, hard to say without more details