The Thai government is reportedly making progress in regulating the local cryptocurrency ecosystem by adopting new tax rules for the industry.

The Bangkok Post reported Thursday that profits from cryptocurrency trading in Thailand are now subject to 15% capital gains tax.

Thailand’s IRS also plans to step up monitoring tasks following the digital asset boom last year. The department has the power to collect taxes from cryptocurrency traders, as profits generated from these activities are considered taxable income under section 40 of the Royal Decree amending Tax Law No. 19, the report said.

The Treasury Department has recommended that investors calculate and report cryptocurrency income on tax returns for 2022 to avoid legal penalties. The new tax will be levied on all taxpayers who have made profits from the cryptocurrency, including trading and mining.

On the other hand, cryptocurrency exchanges are supposedly exempted from new tax requirements.

Akalarp Yimvilai, co-founder and CEO of major local stock exchange Zipmex Thailand, expressed concern about the continuing uncertainty over the crypto tax reporting process and how profits are calculated.

“Tax methods and calculations should be more concise, understandable and understandable. Akalarp said that many people I know want to pay taxes but don’t know how to calculate them.

On the subject: It is reported about the growth of cryptocurrency mining in Thailand due to the ban on cryptocurrency in China

The new report is in line with the Thai government’s plans to define “red lines” for cryptocurrency in early 2022. In mid-December, Bank of Thailand Governor Sethaput Sutivartnarueput officially announced that the central bank plans to issue new rules for the crypto industry early this year. year.

As Cointelegraph previously reported, Thailand’s financial authorities have been considering legislation to levy 15% capital gains tax on cryptocurrencies since at least March 2018.

Source: CoinTelegraph