Thailand’s Crypto Trading Boom
A recent report by HashKey Capital highlights Thailand as a crypto hotspot due to its increasing trading volume. The report reveals that from January to October 2023, trading volumes in Thailand reached $116 billion. Additionally, the average monthly traffic to CoinMarketCap in the country is higher than that of the United States. The Bitkub exchange dominates the market with a 77% share and a daily trading volume of around $82 million.
Taxing Overseas Crypto Trader Income
Thailand’s new government has proposed a tax on overseas income for stock and crypto traders bringing funds into the country. Currently, crypto transactions are subjected to a 7% tax, and there are efforts to reclassify crypto as an investment product aligned with stocks. This could potentially classify decentralized digital assets as securities. However, the central bank remains opposed to crypto, and regular crackdowns create uncertainty for the retail sector.
Thailand: A Crypto Haven?
Despite its booming trading volume and regulations for digital asset businesses, Thailand may not be the crypto haven it appears to be. Crypto payments remain outlawed in the country, limiting its widespread adoption outside of certain niche areas. The government’s digital wallet scheme also faces challenges and backlash from opponents. Overall, while there is growth in trading activity, Thailand’s crypto landscape is still uncertain.
Hot Take: The Reality of Thailand’s Crypto Scene
While Thailand has been praised as a crypto haven due to its increasing trading volume, the reality is more complex. Despite high trading volumes and regulations for digital asset businesses, crypto payments are still outlawed in the country. The government’s plans for boosting the economy through a digital wallet scheme face challenges and opposition. Additionally, there are ongoing efforts to tax overseas income from crypto trading and classify cryptocurrencies as securities. Thailand’s central bank remains anti-crypto, leading to uncertainty in the retail sector. Therefore, while Thailand may have a growing crypto scene, it is not yet the paradise it is portrayed to be.
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