Thailand’s revenue department has decided to drop the 15% tax levied on cryptocurrency. This is a piece of positive news for the cryptocurrency industry that’s progressing by the minute. The decision to do away with imposing taxes on the profit made by crypto trading comes after witnessing strong opposition from traders and crypto supporters of Thailand.
Crypto would, however, continue to be subjected to certain amount of taxes if not 15%. The heavy taxation on trading and mining will however be scraped off.
According to crypto followers, such a taxation framework could have ended up stifling the development of the crypto industry in the nation.
Thailand witnessed tremendous growth in the popularity of cryptocurrency, especially among the younger population. The news of removing 15% taxes on mining and trading would now attract crypto investors back into the space.