Tuesday, December 6, 2022

Thailand Banned Crypto Usage For Payments: Report

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Thailand banned crypto usage for payments according to the latest report that we have in our latest cryptocurrency news today.

As of April 1st, Thailand will prohibit the usage of cryptocurrencies as a means of payment for goods and services. Thailand continues with its controversial relationship with the crypto industry by implementing a ban on using these assets as a means of payment. The nation warned that they will threaten the financial system and the economy. The reports cited the local watchdog and informed that the crypto exchanges and other companies from the industry have to stop providing digital asset payment services starting from April 1st.

The ban prohibits them from promoting the use of crypto as a payment method for services and goods. The new rule will come into effect on April 1st but the local businesses will have until the end of it to comply with the regulations. This came after the enhanced speculations and internal discussions about the possible approach to the industry. The previous reports show that Thailand will implement comprehensive regulations as of this year and the nation dabbled with the different kinds of taxation that it should impose.

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The reports by Bloomberg noted that Thais hold up to $3 billion worth of crypto as of the time of writing which is a huge increase compared to a few years ago. While the digital assets will get banned from being used as a payment tool the Thai SEC said that trading and investing will be allowed.

As recently reported, The revised tax policy in Thailand exempts 7% of the mandatory VAT on authorized exchanges. The Finance Ministry of Thailand reportedly eased up the tax regulations to promote investments in the digital asset market. The changes to the tax regulation came a few weeks after the government scrapped the plans of introducing a 15% tax on crypto gains. The new policy exempts crypto traders from the 7% VAT on authorized exchanges. The new policy will also allow traders to offset the annual losses against the gains for their crypto investments. It came as a huge relief for traders given most of the governments at the point is looking to tax gains without taking into account all losses incurred by traders due to the market volatility.

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