The Bitcoin, Blockchain, and Cryptocurrency Thread

[STEVE G]

I've never tried crypto so I don't know how it would work but if transactions are secret and the sale of crypto in Thailand is going to be untaxed, is there scope for moving funds into the country that way?

[buksida]

I just logged into Binance.th using my regular Binance account and it seems that farangs can have it without the NDID so this must have changed since I tried.
https://www.binance.th/en/faq/account-f ... 5b1a3a29ee

I've never tried crypto so I don't know how it would work but if transactions are secret and the sale of crypto in Thailand is going to be untaxed, is there scope for moving funds into the country that way?

Transactions are not secret because the exchange has all of your personal info and more - the KYC here is worse than a bank! They're only 'secret' if you transact peer-to-peer with self-custody wallets. Moving money into Thailand using crypto is definitely possible, but the big problem (as always) is the banks because you have to use one to cash out (crypto payments are illegal in Thailand).

The tax department will want to see bank statements for those in the system who have volunteered the information and reported to them. The tax exemption is on crypto profits, not foreign income.

"The Revenue Department is currently proceeding with the implementation of the OECD’s Crypto-Asset Reporting Framework (CARF), an automated digital asset information reporting system that facilitates the exchange of data with countries around the world. This will further enhance transparency in digital asset transactions."

Translated from the MoF cap gains tax announcement .. which means they're going to monitor everything and Thai crypto exchanges will have to report customer activity to the tax dept.

So this door is effectively closing.

[STEVE G]

^Thanks, it was just a thought!

[buksida]

Another problem is that rules and regulations here change like the wind, so you can't plan much based on them (as seen with different experiences opening a crypto account a few months apart).

However, the tax crackdown does appear to be a global incentive, and Thailand wants a piece of that pie.

[Martinoo]

OECD is responsible for, tax reporting according international standards and transparency
Just a few countries are not a member if you need to stash some cash, or crypto for that matter.
I asked my crypto exchange in Thailand a year ago about reporting and they said; it is your responsibility.
As soon as TRD confirms that I can deduct losses, I will submit my crypto position, not before that..
Of course the exchange can report, but I keep my BTC in a hard wallet, I can exchange anywhere I have a membership.
Since I am over 10 years away from the homeland, moneys I deposit there are tax free... the obvious choice as I have the needed documentation

Guess I was 'lucky' to register 4-5 years ago in Thailand

[pharvey]

Well, the HMRC (UK) is cracking down and I wonder how many this effects, or how many other countries are going to follow suit?!! Yet another "Tax Grabber" for our dire Government, but I'm sure this or similar will spread further afield.

New HMRC Rules to Clampdown on Tax Evading ‘Crypto Bros’

"Government coffers are set for a £315 million boost as the taxman cracks down on investors who are evading tax on their cryptocurrencies through the new ‘Cryptoasset Reporting Framework’.

Under the new rules, anybody who owns cryptocurrencies (like Bitcoin, Ethereum, and meme coins like Dogecoin) will have to give more of their personal details to crypto service providers or risk a £300 fine from HMRC from January 2026 onwards.

Once the new framework is put in place, cryptoholders will need to provide their full name, address, date of birth, tax residence, National Insurance number, and a summary of their crypto transactions.

This data will then be handed over from service providers to the taxman where HMRC will use it to identify whether or not cryptoholders have been paying the correct amount of tax on their crypto profits.

If crypto service providers do not report this information, or submit inaccurate or incomplete reports, they also risk incurring a penalty of up to £300 per user.

The government estimates that this will raise up to £315 million in tax revenue by April 2030, providing a cash injection to the Treasury equivalent to employing 10,000 newly-qualified nurses for one year."

More @ https://moneyweek.com/personal-finance/ ... rypto-bros

[Dannie Boy]

£300 for non+compliance looks like a relatively cheap way out!!

[pharvey]

£300 for non+compliance looks like a relatively cheap way out!!

Perhaps so, but they want further personal details which could lead to far higher taxation and less anonymity (the latter isn't a bad thing in my book).

[buksida]

Thailand is attempting something similar with a Crypto-Asset Reporting Framework (CARF).

The only way to do crypto is self-custody and peer-to-peer - the exchanges are the same as banks now, all controlled by the govt and tax dept.