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Thailand Start Taxing Foreign Income And Crypto

Thailand Start Taxing Foreign Income And Crypto

Thailand’s Revenue Department will tax local and resident fire income, including cryptocurrencies, starting next year.

The Ministry of Finance said that the new law will primarily target residents trading on stock markets through foreign brokers and through cryptocurrency companies. Residents must pay tax regardless of the tax year and of how this income was received.

Back in July, the local regulator required digital asset service providers to report any risks associated with cryptocurrencies and also banned cryptocurrency lending. The latest changes underscore Thailand's strict policy of regulating cryptocurrencies. However, many are hopeful that this policy will soon change. The newly elected Prime Minister, Srettha Thavisin, is known to be a supporter of the crypto industry. Last year, he issued his own token through XSpring.

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