Bitkub

[sagra]

UPDATE: I just received an email from Bitkub Support. They said they deactivated my account because I’m an American citizen and I have not first registered with the US Securities and Exchange Commission. To any Americans here who use Bitkub, did you have to first register with the US Securities and Exchange Commission?

 

Good afternoon all. 
 

I am an American citizen living in Thailand permanently. I signed up with Bitkub and I am in the process of the level one verification. The process for uploading my W-9 with my iPhone on the appropriate verification step is not working. I talked to a support agent and they are trying to help me figure it out, but I have a bigger concern. That agent told me that US citizens cannot use Bitkub unless they registered first with the US SEC (Securities and Exchange Commission). I really think that is wrong. Does anyone here know about that? 

 

Also, I would like to know if it is simple and easy to sell your bitcoins when you decide to. Lastly, any tips for a new user and someone new to cryptocurrency would be much appreciated. I only plan to buy bitcoin.

 

Thank you in advance for any help.

Edited July 9 by sagra
Added an update

[JBChiangRai]

BitKub is very easy to sell, the funds are in your bank account instantaneously.  However, you need to be careful, they do send details annually to the Revenue Department.

 

Personal Income Tax is due on the profit (if you bought on an authorised Thai exchange (eg BitKub) and on the entire sales amount (to FIAT or another coin) if you didn't buy them on an authorised Thai exchange.

 

Whilst I don't believe anything has changed regarding foreigners income here regarding tax, they will be like mustard on Crypto sales because we are all lumped in with Thai citizens sales.

[sagra]

9 hours ago, JBChiangRai said:

BitKub is very easy to sell, the funds are in your bank account instantaneously.  However, you need to be careful, they do send details annually to the Revenue Department.

 

Personal Income Tax is due on the profit (if you bought on an authorised Thai exchange (eg BitKub) and on the entire sales amount (to FIAT or another coin) if you didn't buy them on an authorised Thai exchange.

 

Whilst I don't believe anything has changed regarding foreigners income here regarding tax, they will be like mustard on Crypto sales because we are all lumped in with Thai citizens sales.

Thank you, actually at this point my main question is can Americans use Bitkub. Since I posted, I got an email from them saying they deactivated my account and that only Americans registered with the US Securities and Exchange Commission can use Bitkub. When I search online it looks to me like only companies or brokers can register with the US SEC. Do you know any Americans who use Bitkub?

[JBChiangRai]

28 minutes ago, sagra said:

Thank you, actually at this point my main question is can Americans use Bitkub. Since I posted, I got an email from them saying they deactivated my account and that only Americans registered with the US Securities and Exchange Commission can use Bitkub. When I search online it looks to me like only companies or brokers can register with the US SEC. Do you know any Americans who use Bitkub?

 

Yes only one, but he has dual American & British passports, he uses his British passport.

[Jenkins9039]

On 7/9/2024 at 4:33 PM, sagra said:

UPDATE: I just received an email from Bitkub Support. They said they deactivated my account because I’m an American citizen and I have not first registered with the US Securities and Exchange Commission. To any Americans here who use Bitkub, did you have to first register with the US Securities and Exchange Commission?

1) I think - they - haven't registered, as unlike equities the US SEC treats regulated exchanges outside the US under their jurisdiction, whereas stock markets are not, traditionally regulated only in the country/license place of operations.

 

2) Use OTC

[advancebooking]

7 minutes ago, Jenkins9039 said:

1) I think - they - haven't registered, as unlike equities the US SEC treats regulated exchanges outside the US under their jurisdiction, whereas stock markets are not, traditionally regulated only in the country/license place of operations.

 

2) Use OTC

To help other members out, can you please give detailed steps as to how one can trade and fund using OTC. 

[advancebooking]

On 7/9/2024 at 9:17 PM, JBChiangRai said:

Personal Income Tax is due on the profit (if you bought on an authorised Thai exchange (eg BitKub) and on the entire sales amount (to FIAT or another coin) if you didn't buy them on an authorised Thai exchange.

I dont think the Rev dept are sophisticated enough to tax thai's or foreigners in this regard. They seriously cannot even tax their own citizens. I have a small business and have seen it. The thais that consult thru my business do not pay taxes on the income we pay. The rev dept have no idea. 

[JBChiangRai]

10 hours ago, advancebooking said:

I dont think the Rev dept are sophisticated enough to tax thai's or foreigners in this regard. They seriously cannot even tax their own citizens. I have a small business and have seen it. The thais that consult thru my business do not pay taxes on the income we pay. The rev dept have no idea. 

 

I think it depends on the size of the annual summary they get from BitKub.  If there is a lot of tax due, they may come after you, they know who you are from KYC.

 

This tax liability started 1/1/2024.

[allanos]

Can anyone tell me the best way to cash out bitcoin to fiat, locally? Can it be done with a local crypto exchange? Or is it a case of selling the bitcoin on a local crypto exchange, converting it to a stablecoin, and cashing that out with a compliant bank? Any helpful comments or replies are appreciated.

[JBChiangRai]

10 hours ago, allanos said:

Can anyone tell me the best way to cash out bitcoin to fiat, locally? Can it be done with a local crypto exchange? Or is it a case of selling the bitcoin on a local crypto exchange, converting it to a stablecoin, and cashing that out with a compliant bank? Any helpful comments or replies are appreciated.

 

If it's a small amount, use BitKub and run the risk of hearing from the Revenue Department.

 

If it's a large amount, sell it overseas into FIAT and transfer that to your bank in Thailand.

 

Your tax liability crystallises when you transfer any digital coin into any other digital coin or FIAT on an authorised Thai exchange.

 

 

[allanos]

8 hours ago, JBChiangRai said:

 

If it's a small amount, use BitKub and run the risk of hearing from the Revenue Department.

 

If it's a large amount, sell it overseas into FIAT and transfer that to your bank in Thailand.

 

Your tax liability crystallises when you transfer any digital coin into any other digital coin or FIAT on an authorised Thai exchange.

 

 

Thanks that's very helpful, especially the second part which I had not given any thought to. Do you have some idea what the scale of tax is in Thailand at the moment, I have been out of the loop for a couple of years?

[JBChiangRai]

2 minutes ago, allanos said:

Thanks that's very helpful, especially the second part which I had not given any thought to. Do you have some idea what the scale of tax is in Thailand at the moment, I have been out of the loop for a couple of years?

 

It's your standrd PIT (personal income tax), I'm not an expert but I think it peaks at 35%.

[allanos]

That's very useful. Thanks for your help.

[JBChiangRai]

10 minutes ago, allanos said:

That's very useful. Thanks for your help.

 

If you don't file a tax return and are changing something fairly small, under a million baht, you could just run the risk, they will probably ignore you.

 

On the other hand, if you're changing 10 million baht, they would almost certainly seek you out.

[allanos]

Yes, good comment! I did take a look at the PIT scale and you are correct that the top rate is 35%

The same scale applies to income from crypto. There is also the possibility of paying a 15%

withholding tax (WHT) on crypto income, but this would then be an input credit against actual tax due.

It is possible that this deduction is left to each individual exchange to apply or not. The ultimate answer

may be to cash out in a country where no tax is payable (e.g. UAE, Singapore, Georgia and many others)

and then remit to Thailand. If the amounts are large enough, then a personal visit may make some sense.

It probably needs further investigation but there do appear to be some loopholes.