Tag Archives: Taxation

The Asian country has dabbled with what sorts of tax it should put on cryptocurrency mining, trading, and transacting for months. However, the Financial Times reported that the authorities had ultimately decided to abandon the idea to tax transactions. Citing Thailand’s new revenue department rules, the FT said the authorities no longer want to implement a 15% withholding tax on digital asset transactions. This comes less than a month after the country presented its latest...

Tipsuda Thavaramara – former Deputy Secretary-General of Thailand’s Securities and Exchange Commission (SEC) – disagreed with the government’s intentions to impose a 15% capital gains tax on cryptocurrency profits. She believes such legislation is unpractical, unfair, and not beneficial for the trade sector. The Bill Lacks Clarity Earlier this month, the Thai authorities presented plans to slam local cryptocurrency investors and miners with a 15% capital gains tax. According...

The regulatory and surveillance environment is likely to become more stringent for crypto traders in Thailand. Crypto Profits to Attract 15% a Capital Gains Tax As per a report from the Bangkok Post, crypto profits will attract a 15% capital gains tax from the current year. The initiative will be applicable to digital asset investors and miners but will exclude exchanges. The capital gains tax is levied on the profits made by selling a non-inventory asset. The media report...

Sam Bankman-Fried – Chief Executive Officer of the cryptocurrency exchange FTX – believes billionaires like him should get taxed at a higher percentage rate. The crypto boss admitted he plans to donate “almost everything” that he earns in his lifetime to charity causes. Taxing The Rich Sounds Fair Earlier this year, the US government contemplated imposing a new tax rule. A move that sounds good on paper for some – cure the shuttered economy and bring fresh funds into the...

At the stage of the 2021 Global ETP Conference, Sohn Byung-doo stated that the digital asset industry is not very different from capital markets. The exec emphasized the need for investor protection and transaction stability support. The KRX Chief Wants To Study Crypto So far, Bitcoin and cryptocurrencies remain outside the domestic regulatory scope that covers the traditional financial sector. On that note, Byung-doo highlighted the growing number of crypto investors in...

The Austrian authorities will reportedly tax bitcoin and the altcoins with the same percentage rate as mainstream stock and bond investments starting from March next year. Bitcoin to Be Like a Stock Investment A recent Bloomberg report reads that Austria wants to create fairness between the different classes of assets and impose a 27.5% capital gains tax on all of them, regardless of being stock, bond, or cryptocurrency investments. The Finance Ministry commented: “We are...

The People Power Party – the opposition party in South Korea – has reportedly proposed a one-year delay on the upcoming taxation rules on trading with digital assets. The lawmakers also intend to revise the tax rate percentage suggesting that investors who generate profits of more than $42,000 should pay 20%, while the initial legislation taxes gains above $2,900. Not Ready for It According to the current propositions, South Korea will start taxing profits from trading with...

A few months after hinting that Miami residents could soon be able to pay their taxes with bitcoin, the city’s mayor – Francis Suarez – said the process has begun as his team will issue the request in October. Separately, Suarez also touched upon the most recent actions undertaken by the Chinese government, adding that the US could take advantage of this “huge mistake.” Miami Citizens to Pay Taxes in BTC? Being a BTC and ETH holder for a while, Francis Suarez has become one...

The ruling Democratic Party of South Korea intends to delay the upcoming taxation policy of digital assets. According to the officials, taxing bitcoin and altcoin investors still lacks proper infrastructure. Delaying The Crypto Taxation The Democratic Party of South Korea has objections in regards to the upcoming law that plans to start taxing gains made from cryptocurrency investments. According to a recent report, they have even passed a bill that could suspend the...

With the gargantuan $1 trillion U.S. infrastructure bill in parliamentary limbo, the fate of the crypto tax proposal tacked onto it remains in question. Meanwhile, the cryptocurrency industry is getting organized with a new sense of urgency to lobby and campaign. The Senate has passed the trillion-dollar bipartisan infrastructure package without an amendment hoped for by cryptocurrency industry stakeholders and blockchain-friendly delegates in Congress. But the fate of the...