BANGKOK: One of the more interesting examples in this regard is Thailand. The Asian nation has a military regime which has been quite vocal about cryptocurrencies in the past. At one point, it almost seemed as if the use of Bitcoin would become illegal in the country, although things never got to that point. Instead, it appears the regime is suddenly looking at cryptocurrency in a completely different manner.
According to Nikkei, Thailand will begin taxing cryptocurrencies in the country. This is a pretty interesting development, even though not everyone will agree with it. Taxing cryptocurrencies is a double-edged sword, as it automatically lends more legitimacy to this nascent form of money. There is no turning back once such a decision is made.
You might also like
Based on the information provided to us, it seems all cryptocurrency trades will be subject to a flat 7% value-added tax. Additionally, there is a 15% capital gains tax on returns for specific investments. That is a pretty steep amount, but it is also a positive sign for the future of cryptocurrency in Asia.
In a way, this is still a rather conservative approach. While the taxation of Bitcoin and altcoins is always subject to some controversy, it goes to show a lot of governments are looking at cryptocurrency in a completely different way these days.
