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Is there a tax when selling BitCoin In Thailand?

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jack71 Silver Member

jack71

Posted
Posted
6 hours ago, Lemsta69 said:

have you considered signing up with Celsius and taking 1% loans at 25% LTVR using your BTC as collateral?

 

I've been using this method for some time now so that i can keep my preciousss digital gold until it pumps to $200k next year at which point I'll liquidate a bunch of it to take profits and pay back the loans. 

 

as always, "not a financial advice"

And if the price tanks to $5000USD what happens to your position then? 

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jack71 Silver Member

jack71

Posted
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6 hours ago, allanos said:

Get into De-Fi, with a company like BlockFi or Celsius, and borrow (take out a loan) against your Bitcoin, rather than sell it and pay capital gains tax (CGT).

 

You cannot be taxed on borrowed money.

 

As Bitcoin's trajectory goes ever higher, you can use this strategy into perpetuity,  settling your old debt and taking out a new loan with your increased BTC profits.

And if the bitcoin blockchain gets hacked and everyone sells what happens to your position if it tanks to usd$5k? What are the risks with defi apart from price falling?

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tinom Explorer Member

tinom

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Posted (edited)

I support my gf through bitcoin since 2-3 years.

International bank transfers are slow and expensive and western union a rip off.

She got verified on coins co th and gets needed money every week on her bank, in the hour for 8thb.

Pro: works well since I/gf use it.

Cons: large spread and only market order.

 

I actually try to get her verified on Bitkub, but just discovered Satang exchange...

 

I will be coming more regularely to TH with long stay, hope to open SCB acc and get verified on thai exchange, I travel on Bitcoin it's my "international currency saving account",

I am not trading, my only gains are holding the strongest currency, so there is no income.

If I exchange USD to THB at a better rate tomorrow, did I have a capital gain?

 

Has anyone experience with Satang?

It seems Bitkub has good reputation, is it "as good as advertized"?

I use Binance p2p in Cambodia, and have the Crypto and Nuri cards, but local bank charge on ATM wd.

Edited by tinom
add my use as travel currency.
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jesimps Gold Member

jesimps

Posted
Posted
3 hours ago, tinom said:

I support my gf through bitcoin since 2-3 years.

International bank transfers are slow and expensive and western union a rip off.

She got verified on coins co th and gets needed money every week on her bank, in the hour for 8thb.

Pro: works well since I/gf use it.

Cons: large spread and only market order.

 

I actually try to get her verified on Bitkub, but just discovered Satang exchange...

 

I will be coming more regularely to TH with long stay, hope to open SCB acc and get verified on thai exchange, I travel on Bitcoin it's my "international currency saving account",

I am not trading, my only gains are holding the strongest currency, so there is no income.

If I exchange USD to THB at a better rate tomorrow, did I have a capital gain?

 

Has anyone experience with Satang?

It seems Bitkub has good reputation, is it "as good as advertized"?

I use Binance p2p in Cambodia, and have the Crypto and Nuri cards, but local bank charge on ATM wd.

Bitkub seems good so far, large selection of alts, so too has Zipmex. If you choose Bitkub, be prepared for a long fight to get your verification approved. It took months of being refused before I was accepted. Zipmex was straight forward and quick.

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Lemsta69 Platinum Member

Lemsta69

Posted
Posted
13 minutes ago, jesimps said:

Bitkub seems good so far, large selection of alts, so too has Zipmex. If you choose Bitkub, be prepared for a long fight to get your verification approved. It took months of being refused before I was accepted. Zipmex was straight forward and quick.

I'm still waiting for Bitkub verification after one month. Zipmex took a day or two. I'm in Australia now but coming over in December. do you recall what Zipmex asked from you to verify your address in Thailand? I'm verified for Australia only so will presumably need to get re-verified after I move to Thailand and find a place to live.

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Neeranam Star Member

Neeranam

Posted
Posted
4 hours ago, tinom said:

I support my gf through bitcoin since 2-3 years.

International bank transfers are slow and expensive and western union a rip off.

She got verified on coins co th and gets needed money every week on her bank, in the hour for 8thb.

Pro: works well since I/gf use it.

Cons: large spread and only market order.

 

I actually try to get her verified on Bitkub, but just discovered Satang exchange...

 

I will be coming more regularely to TH with long stay, hope to open SCB acc and get verified on thai exchange, I travel on Bitcoin it's my "international currency saving account",

I am not trading, my only gains are holding the strongest currency, so there is no income.

If I exchange USD to THB at a better rate tomorrow, did I have a capital gain?

 

Has anyone experience with Satang?

It seems Bitkub has good reputation, is it "as good as advertized"?

I use Binance p2p in Cambodia, and have the Crypto and Nuri cards, but local bank charge on ATM wd.

I have nothing but praise for bitkub.

Even when I sent funds to a wrong address, they were very helpful.

 

Satang are quick, no issue.

 

Crypto.com don't charge for AtM withdrawals.

 

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Lemsta69 Platinum Member

Lemsta69

Posted
Posted
1 hour ago, Neeranam said:

Crpto.com don't charge for AtM withdrawals.

 

I'm afraid they do charge for ATM withdrawals once you've exceeded your Monthly Free Limit. this depends on card issuing location and your card staking tier. full details are in the Fees & Limits section of the app. for EU cards the excess usage fee is a whopping 2%.

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allanos Silver Member

allanos

Posted
Posted
14 hours ago, jack71 said:

And if the bitcoin blockchain gets hacked and everyone sells what happens to your position if it tanks to usd$5k? What are the risks with defi apart from price falling?

 

The scenario you paint is extremely unlikely. The Bitcoin blockchain is secure and its integrity intact for the twelve years since creation. As to a De-Fi provider being hacked, you would have to research the individual companies to ascertain for yourself the risks. Many them have large amounts of insurance cover as a safeguard for their clients.

 

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jack71 Silver Member

jack71

Posted
Posted
7 hours ago, tinom said:

I travel on Bitcoin it's my "international currency saving account",

do you have a visa card that accepts and converts btc to fiat to make purchases?

 

If not what do you mean when you say that you travel on your bitcoin

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Neeranam Star Member

Neeranam

Posted
Posted
1 hour ago, Lemsta69 said:

I'm afraid they do charge for ATM withdrawals once you've exceeded your Monthly Free Limit. this depends on card issuing location and your card staking tier. full details are in the Fees & Limits section of the app. for EU cards the excess usage fee is a whopping 2%.

I've never been charged.

There really is no need for cash these days.

I'm allowed over $1000 a month, more than enough.

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jesimps Gold Member

jesimps

Posted
Posted
14 hours ago, Lemsta69 said:

I'm still waiting for Bitkub verification after one month. Zipmex took a day or two. I'm in Australia now but coming over in December. do you recall what Zipmex asked from you to verify your address in Thailand? I'm verified for Australia only so will presumably need to get re-verified after I move to Thailand and find a place to live.

To be honest, I still don't know. After I'd been turned down for the umpteenth time, I received an email from them asking what I thought of their service, so I let them have it with both barrels. Next day, I got a phone call from a supervisor, who was very nice and polite asking basically for documents which I'd already sent. So I resent them. Anyway, next thing I knew, I received an email saying that my verification had been approved. My honest opinion is that their people responsible for verification aren't completely competent and err too far on the side of caution. This is causing a lot of possibly good clients to be turned down when in fact they have the qualifications to be accepted. Keep plugging, I'm sure you'll get there in the end.

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Lemsta69 Platinum Member

Lemsta69

Posted
Posted
51 minutes ago, jesimps said:

To be honest, I still don't know. After I'd been turned down for the umpteenth time, I received an email from them asking what I thought of their service, so I let them have it with both barrels. Next day, I got a phone call from a supervisor, who was very nice and polite asking basically for documents which I'd already sent. So I resent them. Anyway, next thing I knew, I received an email saying that my verification had been approved. My honest opinion is that their people responsible for verification aren't completely competent and err too far on the side of caution. This is causing a lot of possibly good clients to be turned down when in fact they have the qualifications to be accepted. Keep plugging, I'm sure you'll get there in the end.

hi mate thanks for the detailed response. but I'd have been happy with "fk nose" ????

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Jenkins9039 Gold Member

Jenkins9039

Posted
Posted
On 11/9/2021 at 11:18 AM, Freddy42OZ said:

This info came out recently. 

New Info has come out regarding digital asset taxes in Thailand. New announcement says bitkub withdrawals will be subject to a 15% tax for foreigners and Thais, automatically deducted on withdrawal.

Then Thais will be subject to an additional 15% yearly tax, payable to revenue dept.

Apparently will go into place by April next year.

Also says foreigners will be exempt from the revenue tax, but they'll definitely find other ways.   
 

Foreigners will most likely be exposed to higher taxes when withdraws are above a certain amount.
 

Not sure how this affects other exchanges, was only talking about bitkub.
 

All will most likely change by that time though but that's where it's at now.

Where did you read this lol?

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freedomnow Gold Member

freedomnow

Posted
Posted
On 11/9/2021 at 4:41 AM, Heng said:

Cash in in Singapore.  No capital gains tax.  Whenever you want to diversify out of crypto (when your Ledgers start to tingle), it's also a great place to store gold bars and also park/grow your capital on the SGX.

How to get banking there if you are non-resident ?

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Heng Star Member

Heng

Posted
Posted (edited)
18 minutes ago, freedomnow said:

How to get banking there if you are non-resident ?

I just walked into each branch of DBS, OCBC, and UOB until I had one of each.  They were fine with Thai BBL Bank statement as proof of address + Thai passport.   Some branches did say 'sorry, we won't be able to open an account for you.' 

Edited by Heng
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freedomnow Gold Member

freedomnow

Posted
Posted (edited)
1 hour ago, Heng said:

I just walked into each branch of DBS, OCBC, and UOB until I had one of each.  They were fine with Thai BBL Bank statement as proof of address + Thai passport.   Some branches did say 'sorry, we won't be able to open an account for you.' 

I always thought crypto tax in Singapore was 16% or so from memory.

So basically, it's zero and a solid locale to park money. Nice.

 

Ah, just saw you said "Thai passport"

wonder how it works for expats in Thailand with banking details as proof of address.

Edited by freedomnow
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