According to Carl Turner, Thailand has just announced a personal income tax holiday on crypto gains, running for full calendar years 2025 to 2029 inclusive, trades must be made on licensed Thai platforms like BitKub.

 

This could be great news for expats, but full details are still pending. If you're trading crypto or planning to, it’s worth waiting for more details.

 

https://carlturnerfinancial.us21.list-manage.com/track/click?u=1a9328816f0433771ec5541e5&id=2756f8b914&e=8e91aa8b2a

Proposed change not yet enacted. Just like the proposed change to the same and subsequent year remittance rules.

 

Mere proposals at this stage.

They make a lot of announcements about these proposals, many never see the light of day.

5 minutes ago, ukrules said:

Proposed change not yet enacted. Just like the proposed change to the same and subsequent year remittance rules.

 

Mere proposals at this stage.

They make a lot of announcements about these proposals, many never see the light of day.

 

I'm not sure that is correct, I read that it is already approved by the cabinet, it's not a proposal, it's happened.

 

BitKub are already saying it's fact in their newsletter.

27 minutes ago, JBChiangRai said:

 

I'm not sure that is correct, I read that it is already approved by the cabinet, it's not a proposal, it's happened.

 

BitKub are already saying it's fact in their newsletter.

 

Has it been published in the Royal Gazette is the question, I believe it's a Ministerial Regulation so would be subject to a lot less scrutiny than a royal decree - therefore it's easier to get done.

 

But it still needs publishing, because if anything prevents that from happening than nothing changes.

Await confirmation

 

Also - if you can't read the text of the law or regulation then it doesn't exist in its final form yet regardless of what some exchanges might say.

 

Totally agree fellas, lets wait and see. Makes total logical sense though and it shows at least someone is looking ahead with clarity and vision. If Thailand can actually get this rubber stamped and for once make the rules as clear as day [Yea I know] they could potentially do a Dubai.....they need to do something as they are clearly losing the edge they once had. Do this right and it could change everything. 

 

Bitcoin is here to stay and it is heartening to know that some people in authority actually recognise this. I for one won't be doing anything until we know what's what 100%.

If this is enacted and for UK guys in Thailand on a long-term visa not visiting UK in the year you sell-out and registered on a Thai trading platform as being resident in Thailand would you have to pay CGT to UK HMRC ?

 

Also, from the required platforms which one do you feel is the best/safe easier to KYC etc ?  

2 hours ago, freedomnow said:

If this is enacted and for UK guys in Thailand on a long-term visa not visiting UK in the year you sell-out and registered on a Thai trading platform as being resident in Thailand would you have to pay CGT to UK HMRC ?

 

Also, from the required platforms which one do you feel is the best/safe easier to KYC etc ?  

if you have been here for years and already given up links with the UK eg no longer have a property back there etc and never or rarely visit then nothing to do with HMRC as far as I can see. It will be  about where you are considered to have tax residency when you cash out that will matter. If it has only been a year or so since you were a UK tax resident then I think you might need to dig deeper to make sure. Absolute minefield really.  Personally speaking I have been here years, only bought crypto using Baht and only through Thai SEC licensed crypto exchanges, so I think it will be pretty straightforward for expats in this position, once we have real clarity on this recent tax exemption news of course. 

 

Second part of your post. Bitkub and Upbit Thailand [Make sure you don't first register with Upbit Singapore as both the websites look very similar] I was originally with BX [2018] before they shut up shop, I then opened an account with Bitkub and have been with them ever since. As a backup I also opened an account with Upbit Thailand. Bitkubs KYC way back was very easy when I first opened the account, then it became an absolute nightmare. Without fail I would get 'Your renewal details have been rejected' emails and then it would be a back and forth until it was all sorted. On one renewal after the usual back and forth communications trying to figure out what they wanted, I eventually received the 'your update details have been approved' email, only to get 24 hours later 'Your application has been rejected' email again HUH? This type of thing happened for a few years in a row hence the reason I also opened an Upbit account. It stressed me out no end really. 

 

However after saying all the above, the last renewal with Bitkub was virtually painless and was just about as easy as the early years. this may be because I now have a bit of history with them or it may be because they have finally got their act together. Opening an account with Upbit was relatively painless a year ago or so. One other point if you want to trade [I don't, I buy and hold for the long term] then Bitkub is a better choice than Upbit due to liquidity. Which makes sense as it is the No1 exchange in Thailand by volume. 

They don’t even realize how smart this move is. One billion in indirect tax revenue is a laughable underestimate.

UK only charges tax on overseas income brought back to UK.

 

Keep your money here and it’s tax free.

17 hours ago, yozah said:

They don’t even realize how smart this move is. One billion in indirect tax revenue is a laughable underestimate.

Oh buddy that is so true. I'm assuming that number is the estimated revenue over 5  [4.5] years? I'd wager a huge underestimate.  Here is another observation which tells you something else too, maybe I'm tempting fate but where are the 'It's all a Ponzi scheme scam' trolls this week?  Would take a brave troll to start slagging off BTC these days. There I said it, incoming in  3....2....1

When this announcement was broadcast on the 17^th June there were a couple of other items that were included with the main 5 years PIT exemption headline. I’d be interested to hear other Bitcoiners take on those.

 

Thailands move to implement the OECD CARF framework. Basically this framework is designed to automatically share digital asset information with countries worldwide, bit like the CRS that is already in place for fiat.

 

Setting aside the ever increasing encroachment on financial privacy, It’s not really the point of course but as long as you are not doing anything you are not supposed to be doing then all will be good. Edward Snowden summed up this perspective very well when he said something along the lines of ‘Saying privacy isn’t important because you have nothing to hide, is like saying freedom of speech isn’t important because you have nothing to say’. Nuff said really.

 

TradFi is moving full steam ahead into adopting crypto clearly, so we have to expect everything that comes with that. If you are an old school bitcoiner then this is going to be a hard pill to swallow. The whole idea originally was for it to be an alternative to the traditional system. Love it or hate it, I suppose that was always going to be pie in the sky dreaming and was never going to be the case once it started gaining system acceptance. Rough with the smooth, it is what it is as the youth of today like to say.   

 

The other point mentioned was a digital VAT type tax is being considered on digital transactions. Personally speaking I would find this sort of acceptable if it was something like 8% - 10% and that was it, but only if the 5 year exemption remained in place. Wouldn’t be very happy if that was in addition to the normal PIT after this 5 year break ended. In addition, wouldn't this just result in traders no longer trading? doesn't make sense. Lets see what happens, 5 years is a long time in crypto.

 

One last point, it is pure speculation of course as we could all have been vaporised by mushroom clouds before 2029. but fun to discuss all the same. What do you believe the odds are of this 5 year break being extended longer than Dec 31^st 2029? Personally speaking it seems obvious to me that to end this in 4 ½ years time would be an unbelievable stupid thing to do. Lets says because of this amazingly good forward thinking, Thailand really does become the crypto Dubai of SE Asia. What do you think will happen come the end of 2029? Personally speaking I would be positioning myself so that I would be no longer cashing out any crypto after the 31^st of Dec that year. I’d personally be making sure I did all that I needed to do before the deadline to set myself up for probably the remainder of my life. In other words, if it really does close at that point in 2030 everything will simply reverse, people would stop cashing out and those that came here for the tax break will just leave. Also considering there is a very good chance BTC will be close to or will have already passed the $1m per coin price, to end it then would be completely insane. TIT though so anything could happen.  Over to you.

I saw the announcement and was pleasantly surprised. I immediately started fantasizing about getting a retirement visa and living on Bitcoin in the Kingdom. The next day the big news was that the Thai government was on the verge of collapse. So that fantasy didn't last very long. Stupid of me , I know; but what can I say?

I'm in a neighbouring country, and not up-to-date with the state of Bitcoin in the Kingdom. It seems to me that Khun Thaksin is maybe the driving force behind this change in regulations. Maybe due to his experience in Dubai? But if it's the end of the Shinawatra dynasty, would this kind of liberalization of the regulations go forward? Will have to wait and see of course. 

In the meanwhile, can anyone recommend a good source for news about Bitcoin in Thailand? This forum, Cryptocurrency News, is a bit moribund. The last thread before this one was from February.

9 hours ago, Conno said:

5 years is a long time in crypto.

It's even longer for the lawmakers in Thailand.

By then multiple rules will be announced, amended and removed. Speculating on what they say is pointless, just focus on what is or will be concretely and sustainably enforced in the field.

Cryptocurrencies are becoming widely accepted by the general population. It's not too long ago that people were scared to mention it on this site because it was difficult to get a response that wasn't mocking. Now you can have a decent conversation about it and get useful advice. I'm wondering how I'd stand if I moved my coins to a Thai exchange and decided to cash them out here. Would the UK taxman find out and start chasing me for his share. I'm already invested here in baht with a local exchange.

5 minutes ago, boloaf said:

Cryptocurrencies are becoming widely accepted by the general population. It's not too long ago that people were scared to mention it on this site because it was difficult to get a response that wasn't mocking. Now you can have a decent conversation about it and get useful advice. I'm wondering how I'd stand if I moved my coins to a Thai exchange and decided to cash them out here. Would the UK taxman find out and start chasing me for his share. I'm already invested here in baht with a local exchange.

Maybe 5% of the posters on this forum have any interest in it. Widely accepted maybe amongst young people not here

11 hours ago, mohinga said:

The next day the big news was that the Thai government was on the verge of collapse.

BS. The greesy wheels of govt roll on. 

1 hour ago, boloaf said:

Cryptocurrencies are becoming widely accepted by the general population. It's not too long ago that people were scared to mention it on this site because it was difficult to get a response that wasn't mocking. Now you can have a decent conversation about it and get useful advice. I'm wondering how I'd stand if I moved my coins to a Thai exchange and decided to cash them out here. Would the UK taxman find out and start chasing me for his share. I'm already invested here in baht with a local exchange.

I think the uk taxman would have absolutely no idea re the situation you describe above

3 hours ago, boloaf said:

Cryptocurrencies are becoming widely accepted by the general population. It's not too long ago that people were scared to mention it on this site because it was difficult to get a response that wasn't mocking. Now you can have a decent conversation about it and get useful advice. I'm wondering how I'd stand if I moved my coins to a Thai exchange and decided to cash them out here. Would the UK taxman find out and start chasing me for his share. I'm already invested here in baht with a local exchange.

UK only charges tax on overseas income brought back to UK.

 

Keep your money here and it’s tax free.

This all assumes you actually make any money with crypto!!

2 hours ago, emptypockets said:

This all assumes you actually make any money with crypto!!

Very interesting comment given your Aseannow username.  

https://bitcoinethereumnews.com/tech/what-theyre-not-telling-you/

Has this been gazetted now?

Bitkub made a post. That's as official as it gets.

3 hours ago, JBChiangRai said:

Has this been gazetted now?

Not yet. The drafting of the proposal and the readings process can take months. Hopefully not much longer.

I don't know if I should laugh or cry when seeing moves like these. Real crypto people will understand where I'm coming from. Trying to control an unstoppable force as it gathers momentum.  Joke really. 

 

https://www.bangkokpost.com/business/general/3070386/national-crypto-sandbox-for-tourists-in-the-offing

1 hour ago, Conno said:

I don't know if I should laugh or cry when seeing moves like these. Real crypto people will understand where I'm coming from. Trying to control an unstoppable force as it gathers momentum.  Joke really. 

 

https://www.bangkokpost.com/business/general/3070386/national-crypto-sandbox-for-tourists-in-the-offing

Morons. Just remove tax and gtfo.

AI just gave me this when I asked if the crypto tax holiday has been published in the royal gazette…

 

Thailand's Royal Gazette has published details of a five-year capital gains tax exemption on cryptocurrency trades conducted through licensed exchanges, starting January 1, 2025, and lasting through December 31, 2029. This exemption aims to foster a more robust digital asset ecosystem by encouraging trading on regulated platforms. 

 

Key Points: 

• Exemption Scope:

  The tax break applies to capital gains from cryptocurrency trading conducted on exchanges licensed by the Thai Securities and Exchange Commission (SEC). 

   
• Duration:

  The exemption is in effect from January 1, 2025, to December 31, 2029. 

   
• Purpose:

  The goal is to attract investors, boost the digital asset market, and establish Thailand as a leading crypto hub. 

   
• Regulatory Alignment:

  The move is also intended to align with anti-money laundering standards and promote the growth of the digital asset sector. 

   
• Impact:

  This exemption is expected to generate significant revenue by attracting more investors and encouraging trading on local platforms. 

   

Additional Information: 

• The Thai government expects the tax exemption to generate over 1 billion baht in annual revenue by stimulating market activity and attracting foreign investment. 
   
• This initiative is part of a broader strategy to create a more favorable tax regime for digital assets and promote Thailand as a digital finance hub. 
   
• While the initial announcement was made in June, the specifics, including the exact wording and implementation details, were published in the Royal Gazette. 

18 hours ago, JBChiangRai said:

Exemption Scope:

The tax break applies to capital gains from cryptocurrency trading conducted on exchanges licensed by the Thai Securities and Exchange Commission (SEC). 

How should this be interpreted? If someone transfers crypto assets acquired on another exchange to Binance Thailand (a licensed exchange), then sells them for THB or trades them for stablecoins, would the capital gains be tax-exempt? Or does the tax exemption only apply if both the buying and selling occur on a licensed Thai exchange?"

1 hour ago, khunphil said:

How should this be interpreted? If someone transfers crypto assets acquired on another exchange to Binance Thailand (a licensed exchange), then sells them for THB or trades them for stablecoins, would the capital gains be tax-exempt? Or does the tax exemption only apply if both the buying and selling occur on a licensed Thai exchange?"

 

I suspect it doesn’t matter where you bought them as the capital gain is triggered when you sell them.

 

 

5 hours ago, khunphil said:

How should this be interpreted? If someone transfers crypto assets acquired on another exchange to Binance Thailand (a licensed exchange), then sells them for THB or trades them for stablecoins, would the capital gains be tax-exempt? Or does the tax exemption only apply if both the buying and selling occur on a licensed Thai exchange?"

I concur with JBChiangRai's reply with one highlight. As mentioned above, the wider thinking behind this move is to attract foreign investment into Thailand and not just focused on those already here. Therefore crypto bought on a non SEC approved exchange and then sold on a local SEC approved exchange with the proceeds transferred into your linked Thai bank account will be tax free. 

 

Just read today that a $9 Trillion addressable market is about to enter the space with an executive order expected to be signed later next week? Buckle up.