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Thailand authorities are responding to crypto traders’ concerns in the country as it is bumping up its crypto regulations to provide clarity on the matter.
Less than a week after Thailand’s government revealed its plans to levy cryptocurrency traders and miners with a 15% capital gains tax, the country’s revenue department announced specific criteria on how to calculate taxes on realized gains, to be published within a month.
The move followed the immediate criticism from the new tax plans, as worded by the CEO of Zipmex Thailand in the Bangkok Post last week when he said that “many people want to pay taxes, but don’t know how to calculate them.”
The Thai Digital Asset Association had also contacted the revenue department on Sunday with a similar request on the need for clarity. President Suppakrit Boonsat echoed the words of the Zipmex CEO and said:
“Most cryptocurrency investors are ready to pay tax but are concerned whether their move will violate the Revenue Code.”
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According to a Tuesday article in the Bangkok Post, Thai Prime Minister Prayut Chan-o-cha had immediately instructed the revenue department to provide a solution for the issue and provide clarification for investors and the public.
In a response, the Thai government clarified that it has no intention to hinder innovation and development in the fintech industry, nevertheless send a warning. A spokesperson said:
“If we rush to support [crypto trading] without a thorough understanding, there may be a crypto crisis, similar to a financial crisis.”