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Revenue Dept Ordered to Clarify Tax Policy on Cryptocurrencies

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Revenue Dept Ordered to Clarify Tax Policy on Cryptocurrencies

After complaints from investors and members of the public, Thailand’s Prime Minister has ordered the Revenue Department to provide an explanation of the proposed tax scheme for cryptocurrencies and digital assets.

A Government Spokesperson said it is not the government’s intention to block new developments in any industry, including the financial tech industry regarding cryptocurrencies and digital assets taxation.

But she said the government needs to be cautious before taking on any new technology involving investments by the general public, but with a small user base.

The spokesperson said that Prime Minister Gen Prayut Chan-o-cha has ordered the Taxation and Revenue Department and Ministry of Finance to clarify the taxation scheme proposed by the department on gains from digital asset and cryptocurrencies transactions.

The government spokesperson also added that while the government is monitoring the development of cryptocurrencies, it needs to take a long-term view before fully backing this sector in order to avoid damage from a cryptocurrency crisis.

According to Coin Metrics, bitcoin, the largest cryptocurrency by market value, fell below $40,000 on Monday for the first time since September, falling to $39,771. Bitcoin is now trading at around $41,530.

The second-largest cryptocurrency, ether, fell below $3,000 to $2,979. It is currently trading at about $3,037.

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