Thailand has decided to abolish the tax on cryptocurrency gains with the aim of making the country an attractive hub for the crypto ecosystem.
Thailand abolishes tax on cryptocurrencies According to an article published in local media, Thailand has decided to completely abolish the tax on profits made through cryptocurrencies. This tax was previously set at 7%. According to the same sources, the country aims to become more attractive to crypto investors. The tax exemption period came into effect on January 1, 2024.
Furthermore, it is also important to mention that this exemption from VAT on cryptocurrency trading is also extended to brokers and traders regulated by the regulator. This decision therefore aims to attract more platforms and professionals to Thailand.
As a reminder, Thailand had succeeded in attracting major players in the crypto industry, such as Binance. This decision positions the country as one of the most financially interesting for investors as well as cryptocurrency exchange platforms.
In France, a different system The decision made by the Thai regulator reminds us that things are different in France. Indeed, individuals as well as professionals are required to declare and pay tax on cryptocurrencies, once the profit exceeds a little over 300 euros net.
In parallel, it is worth mentioning that the Court of Auditors suggests also introducing a tax on cryptocurrencies related to stablecoins. Thus, the taxpayer would have to pay tax at the time of the exchange, rather than at the time of purchase via cryptocurrencies.
While such a decision could likely foster innovation around cryptocurrencies and web3 in France, it would also leave the regulator vulnerable to numerous possibilities of fraud and money laundering. Overall, it is evident that work remains to be done regarding the taxation of cryptocurrencies in France, as well as in Europe.
