Thailand to Tax Cryptocurrencies

Original Source    2018-04-02 14:04

Taxes on cryptocurrency? That’s what regulators in Thailand are planning to institute. According to a report by Nikkei Asian Review, after a cabinet meeting suggested that crypto traders could be charged with as much as 7% value added tax as well as up to 15% tax on capital gains.

Taxing cryptocurrency is a way for the government to prevent money laundering and other activities that have become associated with crypto-trading.

The announcement that authorities are moving closer to these tax regulations came after a cabinet meeting with Finance Minister Apisak Tantivorawong on Friday.

Over the past months, there has been a collective consciousness among various governments across the globe to impose more authority by way of regulation or government crackdown in the cryptocurrency space. This is true particularly in the Asian continent- the Indian government and national bank has issued repeated warnings against crypto-trading, South Korean government has been waging crackdowns on various ICOs and crypto exchanges,  Japanese and Chinese authorities are doing the same as well in their respective countries.

Bitcoin is currently trading at $7,000, up 6.55 %, according to CoinBase.

Read more on CoinDesk and Nikkei Asian Review.

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