Will Crypto Transform Expat Migration into Thailand?

[Old Curmudgeon]

Crypto (like Bitcoin and Ethereum) have made it easier than ever to bypass banks and government regulations when transferring money. Now people can more easily  their money from less desirable countries to places with better living conditions.

 

So, will we see more "crypto expats" moving to Thailand than to the past?

 

I believe we will.

Many younger expats, especially from Russia and Eastern Europe, South Africa, South America, and now parts of the Levant (Syria), are using crypto to transfer their money out of those regions.

With fewer restrictions and easier access to their wealth, they are choosing to relocate to more attractive destinations around the world.

Including, of course, here.

This is even a large and growing Internet forum specializing in such topics.

 

Discussion welcome.

----------------------------------------------

 

Disclosures:

1. This post was partially prepared with the assistance of ChatGPT.

2. My inspiration for this post came from: https://letter.palladiummag.com/p/how-cryptocurrency-will-transform

 

[JBChiangRai]

You misunderstand the nature of crypto.

 

You can't "spend" it in Thailand, it's illegal to pay or receive payment for goods or services in Crypto.

 

You need an off-ramp to Thai Baht.  That means an exchange, all of them in Thailand practice KYC and you incur up to 35% tax liability.

 

If you are a UAE or Singaporean resident it helps, no crypto tax there, but fundamentally you bring crypto or FIAT to Thailand, the former all counts towards Personal Income Tax.

[Old Curmudgeon]

@JBChiangRai misunderstands "spend".

 

Not necessary at all to off-ramp into Thai Baht.

Instead, so easy to ...

 

Ah, but this thread topic is "transform expat migration",

not "understand crypto".

 

So, back to the topic ...

[JBChiangRai]

5 minutes ago, Old Curmudgeon said:

@JBChiangRai misunderstands "spend".

 

Not necessary at all to off-ramp into Thai Baht.

Instead, so easy to ...

 

Then please elucidate

[Old Curmudgeon]

2 minutes ago, JBChiangRai said:

Then please elucidate

 

[JBChiangRai]

1 minute ago, Old Curmudgeon said:

 

 

Very mature.

[Old Curmudgeon]

"Will Crypto Transform Expat Migration into Thailand?"

[JBChiangRai]

4 minutes ago, Old Curmudgeon said:

"Will Crypto Transform Expat Migration into Thailand?"

 

No because (see below)

 

22 minutes ago, JBChiangRai said:

You misunderstand the nature of crypto.

 

You can't "spend" it in Thailand, it's illegal to pay or receive payment for goods or services in Crypto.

 

You need an off-ramp to Thai Baht.  That means an exchange, all of them in Thailand practice KYC and you incur up to 35% tax liability.

 

If you are a UAE or Singaporean resident it helps, no crypto tax there, but fundamentally you bring crypto or FIAT to Thailand, the former all counts towards Personal Income Tax.

 

[scottiejohn]

1 hour ago, Old Curmudgeon said:

"Will Crypto Transform Expat Migration into Thailand?"

Who cares!

[arick]

14 hours ago, Old Curmudgeon said:

Crypto (like Bitcoin and Ethereum) have made it easier than ever to bypass banks and government regulations when transferring money. Now people can more easily  their money from less desirable countries to places with better living conditions.

 

So, will we see more "crypto expats" moving to Thailand than to the past?

 

I believe we will.

Many younger expats, especially from Russia and Eastern Europe, South Africa, South America, and now parts of the Levant (Syria), are using crypto to transfer their money out of those regions.

With fewer restrictions and easier access to their wealth, they are choosing to relocate to more attractive destinations around the world.

Including, of course, here.

This is even a large and growing Internet forum specializing in such topics.

 

Discussion welcome.

----------------------------------------------

 

Disclosures:

1. This post was partially prepared with the assistance of ChatGPT.

2. My inspiration for this post came from: https://letter.palladiummag.com/p/how-cryptocurrency-will-transform

 

You're still going to  need millions to live in Thailand so where are they going to get their millions of Thai bht to buy their crypto to begin with!

[PJ71]

12 hours ago, scottiejohn said:

Who cares!

XRP owners for start.

[john donson]

great for scammers and fraudsters and money laundering

 

buying a hot potato coin at 3+ million baht... it jump big when trump won the elections, but almost nothing after...

 

I cannot wait the money the hot air stops and see who is the last holding the bag

 

if too many banks hold it, we are going to have another meltdown

[Jenkins9039]

16 hours ago, JBChiangRai said:

it's illegal to pay or receive payment for goods or services in Crypto

This isn't correct.

[mdr224]

This forum is too old to get it and to lazy to do any research. Why bother

[phetphet]

In a word. No.

 

I can understand Russians moving here with their crypto. (They don't have too many countries that will accept them at the moment due to sanctions, and the blocks on Russian banking makes it difficult to move money. 

 

Others will go where the tax on crypto is the least punitive. After all, if you are newly rich on the recent Bitcoin rises, why given the choice, would you move somewhere that will take a large percentage of your profits?

Bitcoin is volatile, and you have taken all the risk. Go somewhere that will treat you best.

[Ralf001]

17 hours ago, JBChiangRai said:

 

You can't "spend" it in Thailand, it's illegal to pay or receive payment for goods or services in Crypto.

 

 

Was at the Pattaya Beer Garden last week for a burger and beers with some friends.

 

Paid the bill with bitcoin !

[JBChiangRai]

29 minutes ago, Jenkins9039 said:

This isn't correct.

You cut my quote, I said in Thailand.

 

Thailand's Security and Exchange Commission (SEC) is barring cryptocurrencies as a method of payment, starting 1 April 2022, citing financial security concerns.

 

https://research.hktdc.com/en/article/MTAyNDg1MDk5Nw#:~:text=Thailand's Security and Exchange Commission,assets%2C which are still permitted.

[JBChiangRai]

8 minutes ago, Ralf001 said:

 

Was at the Pattaya Beer Garden last week for a burger and beers with some friends.

 

Paid the bill with bitcoin !

Then both you and pattaya beer garden broke the law.

[CallumWK]

3 minutes ago, JBChiangRai said:

Then both you and pattaya beer garden broke the law.

 

Don't we have a member here who claims he even pays his phone bills with his crypto CC?

[Ralf001]

8 minutes ago, JBChiangRai said:

Then both you and pattaya beer garden broke the law.

 

ohh, my bad.

[mdr224]

15 minutes ago, JBChiangRai said:

You cut my quote, I said in Thailand.

 

Thailand's Security and Exchange Commission (SEC) is barring cryptocurrencies as a method of payment, starting 1 April 2022, citing financial security concerns.

 

https://research.hktdc.com/en/article/MTAyNDg1MDk5Nw#:~:text=Thailand's Security and Exchange Commission,assets%2C which are still permitted.

financial security concerns yup. Government is concerned that theyre gonna lose out on their cut

[JBChiangRai]

14 minutes ago, mdr224 said:

financial security concerns yup. Government is concerned that theyre gonna lose out on their cut

 

Exactly right.  

[malathione]

2 hours ago, CallumWK said:

 

Don't we have a member here who claims he even pays his phone bills with his crypto CC?

While I don't use mine to pay bills, I do use it for purchases and to get cash from ATM's.

[Freddy42OZ]

On 12/13/2024 at 4:00 PM, JBChiangRai said:

You misunderstand the nature of crypto.

 

You can't "spend" it in Thailand, it's illegal to pay or receive payment for goods or services in Crypto.

Not exactly true.  As individuals, I could sell you something and you could pay me in crypto.  There is no law against that. 

What is prohibited in Thailand is the creation of an actual payment gateway that uses crypto and facilitates e-commerce payments for goods and services.  

But anyone doing e-commerce, whether their customers are only in Thailand or from elsewhere, can use a crypto payment gateway based outside of Thailand. 

notes: 

Since April 1, 2022, the Securities and Exchange Commission (SEC) has prohibited digital asset business operators—such as crypto exchanges and wallet providers—from facilitating or promoting the use of digital assets for purchasing goods or services. This means these businesses cannot offer payment services using cryptocurrencies or develop systems that support such transactions. 

 

However, this regulation does not extend to private individuals. Private transactions between individuals, where cryptocurrencies are used as a medium of exchange, are not explicitly banned. Yet, the Bank of Thailand (BOT) discourages the general public from using digital assets for payments due to concerns about financial stability and potential risks like money laundering. 

 

In summary, while it's not illegal for private individuals to use cryptocurrencies for payments in Thailand, such activities are discouraged by financial authorities.

[JBChiangRai]

9 minutes ago, Freddy42OZ said:

Not exactly true.  As individuals, I could sell you something and you could pay me in crypto.  There is no law against that. 

What is prohibited in Thailand is the creation of an actual payment gateway that uses crypto and facilitates e-commerce payments for goods and services.  

But anyone doing e-commerce, whether their customers are only in Thailand or from elsewhere, can use a crypto payment gateway based outside of Thailand. 

notes: 

Since April 1, 2022, the Securities and Exchange Commission (SEC) has prohibited digital asset business operators—such as crypto exchanges and wallet providers—from facilitating or promoting the use of digital assets for purchasing goods or services. This means these businesses cannot offer payment services using cryptocurrencies or develop systems that support such transactions. 

 

However, this regulation does not extend to private individuals. Private transactions between individuals, where cryptocurrencies are used as a medium of exchange, are not explicitly banned. Yet, the Bank of Thailand (BOT) discourages the general public from using digital assets for payments due to concerns about financial stability and potential risks like money laundering. 

 

In summary, while it's not illegal for private individuals to use cryptocurrencies for payments in Thailand, such activities are discouraged by financial authorities.

 

I can see where you got that from, the Thai Russian Chamber of Commerce is the original source, mine came from the Hong Kong Chamber of Commerce.

 

The Thai Russian CC carries much more detail and I think your post is therefore more likely to accurate than mine.

 

[Freddy42OZ]

48 minutes ago, JBChiangRai said:

 

I can see where you got that from, the Thai Russian Chamber of Commerce is the original source, mine came from the Hong Kong Chamber of Commerce.

 

The Thai Russian CC carries much more detail and I think your post is therefore more likely to accurate than mine.

 

I asked Chat GPT Pro and it used multiple sources, although it does look like most of the info is from the Thai Russian Chamber.