Conno

My advice would be to learn how to withdraw and self custody with a Ledger/Trezor and transfer back onto the platform whenever you wish to sell. It isn't that difficult to do and you are taking an unnecessary risk storing your coins on the exchange. I will endeavor to keep my account active for when or if the day ever arrives I decide to cash out. However like yourself I will not be using them again to buy. I will continue to look for an alternative approved route/exchange that accepts Baht transfers and will share if I discover one. Likewise, if anyone else finds an alternative I would appreciate if you could also share it on here. As mentioned previously, with luck Gulf Binance will launch in the not too distant future and that has to be a better option than Bitkub, or at least I don't believe they can be worse. Id also be interested in learning more details about this.

WOW $12 entry. I thought I was doing well around $4000 lol. I was a bit late with the penny dropping moment. Completely agree with the $12 to $1000 mindset. Exactly the same thing applies today. If or when it hits $1m per coin people will look back and say why didn't I see this coming when it was around $30k. I also feel people are going to feel good about themselves if they manage to accumulate 100,000 Sats never mind a whole coin. 8+ billion people on the planet, 21 million coins. The first and only truly deflationary financial commodity EVER in the history of civilization. People still just don't get it and by the time they do it will have left the majority behind. Thailand will have to eventually backtrack on the ruling that it can't be used as payment for goods and services or get left behind. Yea I think the first stages of the next Bull cycle has arrived. Watch the fireworks when the USA SEC concedes and approves that long list of Spot BTC ETF applications. It seems the odds are high for that to be announced in the next couple of months.

Do you get the impression crypto worries the powers that shouldn't be lol. No coiners may think I'm a nut job but I can see BTC hitting what some would call unrealistic high prices. Just ask Michael Saylor what he thinks the price may be around the 2028 time frame ;-) Micro Strategy hold over 150,000 BTC I believe these days and he is still buying. I can wait but I will need an approved local exchange to cash out with when we get there. Unless moving to Dubai for a few years becomes a viable alternative. I'm joking but if they continue to discriminate non Thai crypto holders like they appear to be doing right now, it might be the only solution left if and when we moon. Lets see how things unfold.

ukrules - My Bitkub account is still active currently as I only completed the re-verification palaver just before it all changed. Keep us all updated on how things go for you if you don't mind. Thailand being Thailand I just know the problem is eventually going to hit me too.

Thx ukrules. Not really what I am looking for but thx for sharing all the same. Personally I'm a Hodler, buy with fiat [Baht] and hold for the long term, waiting for the day prices potentially skyrocket [I have my price targets and can wait] Obviously Thailand have outlawed the use of crypto in Kingdom to pay for goods and services directly. So unless that changes one of these days it is going to be essential to have an approved Thai exchange for converting back into Baht so as to be able cash out, spend and enjoy it. This is what I find very worrisome when looking at the way Bitkub and Satang Pro have been treating long term expats in the country recently. The Gov are always banging on about wanting to attract foreign investment but then give the impression they don't actually mean it by making it so difficult to comply. It's a foolish approach and will just drive the profits offshore. I mean if we can't retain our Thai crypto exchange accounts what are we supposed to do? Just like these proposed new rules they are threatening us with and the taxing of foreign income remitted into the country. Sometimes Thai logic blows my brains. Suppose will just have to hope this Gulf Binance operation launches in the near future and it doesn't also get bogged down with the same mind boggling contradictions. PS Advancebooking - Looks as if we are going to be a bit stuck for the time being. The PayPal Wise solution doesn't look very safe or viable to me, especially if one day we are talking large amounts.

I spoke with Binance help desk asking them about Thai baht deposit/withdrawals etc not so long ago. They said currently it isn't an available currency option, so have you actually used Binance for Baht transactions recently or are you using them with GBP or another currency? When you say English address I'm assuming you mean your Thai address in English right. You know these things change like the wind, due to the state of flux that crypto regulation is currently in. Can you confirm if Thai Baht is an available currency with Kraken and Bitstamp? Edit : Sorry just reread your post above, Thai address on your Kasikorn bank statement. Word blindness.

I've been with BITKUB since the excellent BX exchange closed down several years ago. At first they didn't appear to be that bad, but as the months and years passed they have deteriorated to such an extent that they are completely incompetent and a joke of an exchange today. Their customer service staff seem to be clueless to what other departments are doing. The last KYC re-verification I did, with all the same documents as when I originally opened the account, were rejected several times. Eventually I managed to jump through all of the hoops, including receiving those infuriating banal scripted replies 'We hope to serve you better in the future. Thank you for being the best part of Bitkub'. I eventually received the your verification has been approved, we have awarded you 100 baht email..........but wait for it...... 48 hours later I get another email telling me my verification and documents have been rejected. Once again on the phone combined with return emails asking what on earth are they doing? I then get another email 24 hours later saying 'Please ignore the last email, Thank you for being the best part of Bitkub.' Absolutely infuriating outfit and I'm also looking for a workable alternative. https://www.trustpilot.com/review/bitkub.com This tells you all you need to know. I posted this on the Satang Pro thread in reply to jonnyboy777 but will post here again. I spoke to Binance's help desk a few days ago after I learned about their new Gulf Binance subsidiary receiving Thailand SEC approval in May 2023. They informed me that Gulf Binance should become live sometime in Q4 2023. It can't come fast enough for this CryptoKnight. https://www.kitco.com/news/2023-05-26/Binance-secures-operating-license-in-Thailand-its-first-in-Southeast-Asia.html Fingers crossed.

Just found another thread related to Bitkub......Yip it seems they are sending out update your KYC emails to non-Thais without a non-Thai verification system in place. Absolutely useless company.

This is on their website from just last week. Your account should not expire while a 'temporary suspension' is active. Unless as I posted above the left hand is clueless as to what the right hand is doing. For non-Thai nationals The verification system is temporarily suspended. However, we will announce the update immediately once the service is back in service. Sorry for the inconvenience.

Sorry maybe I'm not understanding something. So have they informed you that your KYC is due for renewal, or have they simply informed you that your account will soon expire? Or are you just assuming it will expire soon because it has been a while since your last KYC update? There is a world of difference here. On-going account KYC re-verification is a routine requirement, so how can they ask you to re-verify your account if as you say they still haven't implemented and updated the new KYC verification system for foreigners yet? The only messages I have ever received from them are emails advising me that it is time to once again re-verify my account by providing them with the required documents all over again. What I am trying to say here is, how can they inform you that your KYC will soon expire and requires updating without them having a system in place for you to renew it? This doesn't make sense? If this is what you are saying it means they are just basically sort of indirectly informing you they are closing your account and you are powerless to do anything about it? Can you clarify please as I want to be forearmed if this is also heading in my direction. My experience with them has left me with the impression that the left hand doesn't know what the right hand is doing half of the time. This might be the cause of what you are trying to explain?

Firstly are you not going to attempt to renew your KYC? I'd understand if you didn't want to as I dread it also, not a good experience at all. You could use the P2P service on Binance but I have never used it so not a recommendation. I personally don't know of any other sure fire way other than the approved in country exchanges . After saying that I have never sold a single Satoshi, I only buy and accumulate as I'm waiting for the $1m per coin price. Yea yea yea I'm either deluded or an insightful genius . I agree this is an increasingly worrisome situation to be in for long term expats. They want our tax money but yet they do seem to be making it increasingly difficult for us to retain an active exchange account in Kingdom due to the nightmare hoops we have to jump through. Check out Bitkub's TrustPilot reviews here. https://www.trustpilot.com/review/bitkub.com This pretty much sums up the situation for non Thais I would say, clearly we are not the only ones experiencing this. With a bit of luck this new Gulf Binance exchange will open soon in the next couple of months. We can live in hope that they offer a better service than is currently available. Wouldn't be a too difficult a task to achieve that right.

Hi there. I know what you mean. I have an account with the other outfit in Thailand and while I have managed to secure verification, on every occasion [done it several times since opening the account years ago] I can concur it is an absolute nightmare process. It really does feel like they just can't be bothered and rather not have the complication of expats accounts. However I may have some super good news for you. Please read the article in the following link. Only just heard about this today and it lifted my spirits no end. I have also just come off Binance customer support chat after asking them if there are any updates on this new venture. I was told no updates other than what is in the link and the new subsidiary of Gulf Binance is still scheduled to be launched sometime in Q4 2023. I told them to pass it on up the chain of command that they will be almost guaranteed all of the expat crypto communities business if this exchange opens here. Thailand crypto exchange treatment of non Thai accounts seems to be deteriorating more with every month that passes. Fingers crossed buddy that this opens here. https://www.kitco.com/news/2023-05-26/Binance-secures-operating-license-in-Thailand-its-first-in-Southeast-Asia.html

Oh boy this new PM really going for it now. Come back Big TU all is forgiven. Once again, the article is in the publication that can not be linked. Inheritance tax rejig mulled, todays date 9th Oct 2024 This won't really affect the average expat posting on here, but it does give us all a vivid insight into the way this new government is thinking. Never forget that the current global currency system is on its last legs. Desperate people, do desperate things. Politicians especially.

The link that was deleted above. Opinion piece in that which can not be linked here. Easy to find - New tax rules require clarification - todays date 08 Oct 2023

To use a meme term that originated in another popular sector, you're are talking about FUD. Humans hate instability, especially when it comes to financial matters. Confidence and trust are everything. FUD erodes that like a cancer. FUD = Fear. Uncertainty. Doubt.

100%. For those without insurance yet another potential calamity waiting in the wings as retirees age. The more we examine the implications of this impending change there are fewer and fewer reason for expats to consider Thailand as a favorable twilight years retirement destination. I'm sure there are many more that we haven't even considered yet. I know the right way to view all this presently is to wait and see as it may all change again, but I'm not feeling very confident that will be very likely in this instance. Hope isn't a strategy I consider a sound way to base your future plans on. After saying that my last hope from a personal perspective is that Thai Elite visa holders will secure an exemption, however unlikely that may be. If not I think it is safe to say Thai Elite will be also facing their very own Titanic moment. Putting selfish considerations aside, I really do share the concerns for all retirees with property, wives and children and roots firmly dug in to the 'OLD' Thailand. Easy to say just leave when you are younger with more energy, freedom and still have earning potential. Sadly as usual if this comes to pass it's the most vulnerable who end up paying the biggest price. Anecdotal story to finish. Was only talking to a Singaporean / Dutch couple early last month while I was in a barbers getting my hair cut. Conversation came around to them asking me what were the best options for retiring to Thailand as they were loving it here. Naturally I recommended that the Thai Elite program was something that they could consider if money wasn't a big issue for them. They handed me their phone and I directed them to the official Elite site. [This was also pre price increases announcement] Conclusion to this story is that it would be a very different conversation today than the one we shared several weeks ago.

Well that clears everything up then LOL Ps. Dear Guavaman. Still remain a little confused ref Question 1. Can you elaborate as I really remain at a complete loss on how one would steal a Bear?

Regarding the noose tightening, totally and it's a global phenomena lets not forget that. The reality is we live in a society and financial system that is designed with an architecture that perpetuates poverty for the majority. Taxes and inflation are the primary drivers of that. Lets face it, the current fractional reserve fiat currency system is completely broken, overburdened with debt. What we are currently discussing here is just a local symptom of a very global problem.

According to this article even a Thai Privilege [Elite] spokesperson has no idea how this will impact their long term offerings. What a mess this is, left hand, right hand, clueless. Conclusion - Thailand is not a solution for high net worth individuals. Which is exactly what Thai Privilege membership is all about. We have a problem Houston. https://www.imidaily.com/program-updates/thailands-tax-tightening-on-foreign-income-raises-questions-about-implementation/

I remember your audit post from before as it contained excellent advice, but I have one question. The previous legal way as you point out was to accumulate the funds in the holding account up to 31st Dec of the year it was earned but defer any remittance until the following year. Come Jan 1st you can then transfer in the funds in that holding account but make sure you don't add anything further to that account until you have sent everything you wished to from it. You can then start adding to the holding account once again, accumulating up to 31st Dec and on and on it goes, I get all that. My question is regarding the new advice you have just been given. Surely if you top up the holding account [with income accrued in 2023] but then transfer your living money for 2024 from that holding account BEFORE Dec 31st this year that will make those funds reportable for tax in early 2024? In other words you sent the funds into Thailand the year it was accrued by not waiting until after Jan 1st. Maybe the answer is to top up the account with savings before the end of the year for spending in 2024 and not anything from a taxable source? However that can't be the case as this directive only came out a couple of weeks ago, therefore you must have been adding earned funds to that holding account in 2023 already preparing for the usual Dec 31st - Jan 1st method. Cant quite work out why they would suggested that as it just seems to then fall within the old rules again i.e sending funds into Thailand the year it was earned. Unless I'm missing something, this just seems to place you between a rock and a hard place? I hope they are correct and it all falls apart [I think highly probable] However, what an absolute nightmare this all is while we wait for clarity.

My Father used to say 'Money doesn't bring you happiness, but at least you can be miserable in luxury'. My Fav. They say there are two things guaranteed in life, death and taxes. Na it's three, death, taxes and $#!t.

There must be legal implications to this too even though I am no expert. Is it really possible to renege on one of the most important benefits that was sold to members and possibly one of the most important in making the decision to go ahead and buy?. I think it ranks a lot higher than discounts on spa treatments. Of course there is the usual small print that states things like some benefits may be subject to change and beyond our control etc. OK even if it turns out that existing members have no case legally, this would be a devastating blow to Privilege marketing and future applicants. Something I am sure they are acutely aware of. Trust is everything, especially when talking about the sums of money involved with these visa packages.

This might be of interest to Elite visa holders. Taken from the official Elite site [now Privilege] and not from one of those agent related Elite sites. Of course TIT so if this is set in stone or not remains to be seen. Point to ponder though, considering Thailand Elite have only just jacked their membership packages up from between 50% to 400%. it's possible they have been caught out just as much as everyone else with this news. I imagine if all this comes to pass it might really destroy their business model. i.e membership fee plus tax up to 35% extra on top. Who in their right mind is going to pay that? So I'm speculating in the dark corridors of power there might be a good chance the Elite visas also end up remaining exempt.