Crypto Friendly Thailand

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Thailand Axes 15% Crypto Withholding Tax Plans Following Pushback: Report

Earned income on crypto trading or mining can be reported as capital gains on income taxes, tax officials said.

Jan 31, 2022 at 11:26 p.m. Updated Jan 31, 2022 at 11:40 p.m.

Thailand has axed plans to levy a 15% withholding tax on cryptocurrency transactions following pushback from the country’s crypto traders.



BANGKOK, Jan 17 (Reuters) – Binance, one of the world’s biggest cyrptocurrency exchange by trading volume, will set up a crypto exchange with Thailand’s Gulf Energy Development (GULF.BK), both firms said on Monday.

Gulf Energy in a disclosure to the stock exchange said its agreement with Binance is a response to the rapid growth in digital asset infrastructure in Thailand.

Binance said it would set up the cryto exchange and related businesses in the country.



Thailand Plans to Become ‘Crypto-Positive Society’ — Governor Says ‘Crypto Is the Future’

Thailand is laying the groundwork to become a “crypto-positive society” with the aim to attract crypto holders and boost its tourism industry. The country hopes to gain back some of the $80 billion in lost tourism revenue due to the Covid-19 pandemic and subsequent shutdown.

Thailand Plans to Attract Crypto Holders

The Tourism Authority of Thailand (TAT) is working with the country’s regulators to make it easier and more convenient for visitors to spend cryptocurrencies in the country, Bloomberg reported Saturday citing TAT Governor Yuthasak Supasorn.

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Here’s what Thailand’s doing for crypto travel and tourism

  • The Tourism Authority of Thailand is working on its own digital token, the TAT Coin, which will be accepted for travels.
  • A new unit will also be set up by next year to handle the issuance of Thailand’s own crypto coin, produce a wallet, and build a new tourism ecosystem.
  • The Tourism Authority’s governor believes that Thailand must be promoted as a crypto-positive society to welcome crypto millionaire tourists.

For the last few years, Thailand has constantly been ranked second in the world in terms of crypto ownership. In fact, it is estimated that over 3.6 million people or 5.2% of Thailand’s total population currently own cryptocurrency. Recognizing the potential, the country is now laying the groundwork to be a “crypto-positive community” and build a new tourism ecosystem that can attract more crypto millionaires to boost the country’s travel industry.


Thailand is Looking to Eliminate Bitcoin Taxes for Tourists.

As a means to revive its tourism sector, Thailand is seeking to attract crypto millionaires by eliminating Bitcoin taxes. Thailand’s tourism sector has suffered dramatically ever since the onset of the pandemic. This has, in turn, led to the country losing nearly $80 billion in revenue.

The Tourism Authority of Thailand is working on the approval of digital tokens. The authority is working alongside the country’s regulators and a local crypto exchange. According to Governor Yuthasak Supasorn, this step may help the tourist haven recoup some lost revenue. 


Thai crypto unicorn plots expansion in bid to be Asia’s Coinbase.

A THAI crypto exchange that notched up a valuation of more than US$1 billion in less than 4 years is planning to offer a range of digital currencies and services in more countries “to become the Coinbase of South-east Asia”, according to its chief executive officer.

Bangkok-based Bitkub Online is exploring opportunities to set up its own units or partner with existing players in countries such as Malaysia, the Philippines and Laos next year, Jirayut Srupsrisopa said.


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