Thailand Removes Plans To Tax Bitcoin (BTC)

It’s been just reported that Thailand is removing plans to tax Bitcoin. Check out the latest reports below.

BREAKING: Thailand removes plans to tax #Bitcoin and crypto transactions

– Financial Times

— Blockworks (@Blockworks_) January 31, 2022

The news comes from Financial Times which noted that Thailand had scrapped plans to impose a 15 percent withholding tax on crypto transactions.

This came after facing pushback from traders in one of south-east Asia’s biggest markets for digital assets.

Tax officials in the country explained the other day that people who earned income from crypto trading or mining could report these as capital gains on their income taxes.

The new rules were reportedly outlined in a manual published by Thailand’s revenue department, and they will also allow traders to offset their annual losses against gains made in the same year.

It’s also important to note the fact that Bitcoin trading has expanded rapidly in Thailand during the coronavirus pandemic.

Crypto industry participants welcomed Monday’s announcement as reported by Financial Times.

“The revenue department did a lot of homework and reached out to crypto operators as well to get feedback.”

This is what Pete Peeradej Tanruangporn, chief executive of Upbit, a crypto exchange, and co-chair of the Thailand Digital Asset Operators Trade Association said.

He continued and noted the following:

“It is much more friendly to both investors and the industry.”

Crypto adoption has been one of the main goals that the crypto industry had, and things are getting better and better.

It’s been just revealed that an important crypto trader is unveiling a scenario where Bitcoin (BTC) regains its bullish momentum and skyrockets over 80% this year.

The pseudonymous analyst DonAlt says that Bitcoin is trading in a wide range in the weekly timeframe between $33,000 and $60,000.

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $38,114.