New Taxes Could Spell End of Cryptocurrency Trading in Thailand

[Jabers]

holy cow.

anyone see this yet?

 

https://www.newsbtc.com/2018/03/29/new-tax-mean-end-cryptocurrency-trading-thailand/

 

looks like i might stop trading and using thai based exchanges if this goes through like it says it will.

 

absolutely ridiculous.

Edited March 30, 2018 by Jabers

[tdm]

Yep there's been several reports, in one I did read that the vat may not apply to retail traders, we'll know the facts in a couple of weeks.

[ghworker2010]

this is going to impact bx exchange

[Monomial]

7 hours ago, tdm said:

Yep there's been several reports, in one I did read that the vat may not apply to retail traders, we'll know the facts in a couple of weeks.

 

Where did you read this? Was it a credible source with analysis, or just someone's opinion?

 

For myself, I can not believe that the people considering this law did not stop to think that nobody could possibly invest if they charge 7% tax on tokens.  It seems to me, they may be planning a system where licensed exchanges are exempted from VAT by issuing digital financial derivatives that represent crypto tokens instead of actual tokens themselves.

 

This way, people can not transfer the derivative off exchange and avoid tax reporting when redeeming the currency. It would also be in line with existing laws. There are already rules for opening derivatives exchanges. This law as written would seem to transfer control back to the wealthy Thais with connections, as not just anyone can get an exchange license.

 

It seems TDAX started this whole mess. I am not certain if that was by accident or intentionally. They were a small exchange dwarfed by BX. What better way to reset the playing field than to demand legislation designed to cripple your competitor.

 

Does anyone know who owns TDAX?

 

[tdm]

16 hours ago, Monomial said:

 

Where did you read this? Was it a credible source with analysis, or just someone's opinion?

 

 

 

Near the beginning of this article, in quotes. Make of it what you will.

https://news.bitcoin.com/thailand-approves-draft-decree-crypto/