Cryptocurrency in Thailand: spot on a fast growing market
Buying and selling Cryptocurrencies in Thailand (e.g. Bitcoin, Doge, Ripple, Ethereum) is becoming an interesting collateral activity to differentiate personal or corporate revenues. Crypto trading has been legal since 2018, with the entry into force of the Royal Decree on Digital Activities (RD – DAB) of May 14, which deals with resources digital, which include cryptocurrency and digital tokens.
Specifically, these are the permitted activities:
- Buying and selling cryptocurrencies
- Buying and selling goods or services in exchange for cryptocurrencies
- Send any cryptocurrency to anyone outside of Thailand
- Receive cryptocurrencies from anyone outside the country
Therefore, even if cryptocurrencies in Thailand are not fiat currencies and are not legal tender, the use of (wrongly) so-called Bitcoins in Thailand is generally allowed. However, according to Section 7 RD – DAB, any suspicious activity must be reported to the Anti-Money Laundering Office.
In the case of commercial exchanges (buying and selling of goods), the trading or exchange of Cryptocurrencies is subject to restrictions similar to those imposed on the bonds.
Exchange of cryptocurrencies in Thailand
According to Section 26 RD – DAB, crypto coin exchangers are licensed by the Thai Securities and Exchange Commission (SEC). The business of exchangers includes: exchange of crypto coins, brokerage of crypto coins, dealer of digital assets, other activities related to digital assets as prescribed by the Minister on the recommendation of the SEC.
To date, the exchangers authorized to buy and sell digital coins in Thailand are:
At these sites it is possible to buy the major crypto coins by directly connecting your Thai bank account, without the need to use a credit card or foreign accounts.
Most international sites do not allow the purchase of crypto currencies from Thai accounts or debit / credit cards.
How to use major exchangers (Binance, E-toro, MXC, Hoo) of cryptocurrencies in Thailand?
To operate on international crypto currency sites it is necessary to purchase one of the major cryptocurrencies used for international exchanges: Bitcoin, Ethereum, USDT, BNB. Those who want to speculate at the same time will choose the more volatile coins, those looking for security will choose those related to real upstream (USDT for example). You can get them by paying in THB at Thai exchanges, for example Bitkub, the one in our opinion the most reliable.
You can then transfer from the Bitkub wallet to an international wallet (Hoo.com if you choose to operate in Chinese area or Binance for west area) in a few seconds by paying a variable fee according to the crypto currency used. Once the desired operations have been made (Pool, Staking, Liquidity or simply trading in crypto coins not traded in Thailand), you can then return the crypto coins to the Bitkub wallet and then sell them by crediting the amount to the Thai current account.
Taxation of Crypto Coins in Thailand
Digital assets are considered intangible assets and therefore follow general tax principles. Individual capital gains are taxed according to income tax rates, ranging from 10% to a maximum of 30%. Earnings from digital assets are subject to a 15% withholding tax. All paid withholding taxes can be deducted as a tax credit at the end of year. If you want to know more about your tax declaration read here: Accounting Services By Siam Trade Development
In conclusion: investing in crypto coins in Thailand is easy and safe using local exchangers and operating in full transparency. It is always necessary to keep in mind the extreme volatility of the market and to inquire carefully before purchasing a Crypto Currency.
To activate a bitkub account and start your trading activity in Thailand in a few minutes, you can use this link: Bitkub.com