Thailand has abandoned its plans to impose a 15% withholding tax on cryptocurrency transactions, the Financial Times has learned, citing tax officials in the country. According to the report, people who earned income from crypto trading or mining could report as capital gains on income taxes.
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The new regulatory framework also allows traders to offset their annual losses against gains. Pete Peeradej Tanruangporn, Upbit CEO, welcomed the move, adding that the revenue department did a "lot of homework and reached out to crypto operators as well to get feedback."
"It is much more friendly to both investors and the industry," Tanruangporn added.
As iHodl earlier reported, Thailand is planning to treat cryptocurrencies on a regulatory level as a means of payment for goods and services. The Bank of Thailand (BOT) said the rapid growth of cryptocurrencies can potentially impact financial stability and the overall economic system.
The country's financial regulators will consider whether they should exercise power in accordance with the relevant legal frameworks to limit the widespread adoption of cryptocurrencies as a means of payment or not.
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