Wednesday, May 22, 2024

Three significant concerns with crypto taxes are outlined by a former Thai SEC chief.

The world of crypto barely has any regulations, but it has come under a lot of scrutiny from financial regulators all over the world. In a first, the Thai Revenue Department suggests a 15% gains tax on these crypto trades.

This is a capital gain tax that one has to pay whenever they make a profit while trading crypto. Tipsuda Thavaramara, who also happens to be the former secretary-general of SEC in Thailand, has questioned the legitimacy of the tax itself.

He said that the taxes should be collected in a fair manner under clear practices and rules. He has already pointed out a few major flaws in the proposed crypto taxation that the country has been working on.

Tipsuda Thavaramara said that the capital gains tax was unfair as the crypto exchanges are not responsible for paying all the gains to the people. On top of that, she added that this would hurt the expansion of crypto into other sectors. As it is said to be used as an alternate currency, the customer using crypto to pay for retail things will have to pay for the tax.

She, later on, gave the example of countries like Australia and Singapore that have exempted crypto from value-added tax. This way, the customer is not burdened with the additional tax. Not only that, such an exemption will lead to the promotion of crypto throughout the country too. As the support for these DeFi tech increases, governments will have to form laws the work with them and not against them.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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