Thailand targets crypto traders with New tax policy

Thailand will soon tax foreign gains from cryptocurrency dealers, closing a loophole that enabled offshore revenue to enter the country tax-free.

The regulation was issued by Thailand’s Revenue Department in order to support the country’s promised economic boost. Thailand launched the “digital wallet” initiative last month to help promote the national economy, which is expected to cost taxpayers 560 billion baht, according to the “Bangkok Post.”

“The new tax regulations have three distinct goals. Thai individuals investing in international stock markets through offshore brokerages, cryptocurrency traders, and both local and foreign nationals residing in Thailand for more than 180 days each year are also included,” according to legal experts.

The regulation also targets “Thais who have been taking advantage of a loophole that permitted them to import overseas earnings into the nation tax-free after storing them in an offshore account for more than a year.

The new regulation will take effect on January 1, 2024, allowing Thai authorities to tax foreign income beginning in 2025.