Crypto taxation could deter investors, says Thai ruling party MP

iTax founder Yutthana Srisavat advocated for a value-added tax rather than a crypto trading tax to ensure growth.

1/21/2022 1:38:00 PM

iTax founder Yutthana Srisavat advocated for a value-added tax rather than a crypto trading tax to ensure growth.

Thai Excise department noted that the majority of its focus has been on taxing the stock market, and it has made little progress in terms of crypto trading taxation.

Read more: Cointelegraph »

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However, the department assured that they are carefully studying the crypto market and the taxes will be only imposed after careful consideration. Chonladet Khemarattana, president of the Thai Fintech Association advocated for a free market to compete with other nations. He urged the government to monitor the growth of the crypto ecosystem in the short term before moving on with tax implementation.