THAILAND CRYPTO MARKET STANDS FOR THE TAX

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The participants of the cryptocurrency market ask the Ministry of Finance of Thailand to postpone or completely eliminate the 22% cryptocurrency tax. The royal decree established a tax on all cryptocurrency transactions ─ 7% VAT and 15% capital gain tax. The Thai regulator approved a tax on the trade in cryptocurrency, allegedly in order to protect “naive merchants” from the loss of personal funds. Market participants are confident that cryptocurrency taxes will become an obstacle for startups and ICOs, and Thailand forms the image of a state that is not interested in developing the fintech sector.  

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