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) as part of its ongoing stealth tax crackdown.

The only way to do crypto is self-custody, peer-to-peer, and decentralized exchanges (its original purpose was to cut out the middlemen in finance). The corporate crypto exchanges are the same as banks now, all controlled by the govts and tax departments.

[Martinoo]

well, we still have a few years to solve the issue, for now 5 years tax free if I remember correct.

[buksida]

Here's one for the rose-tinted brigade ... there's never a free lunch in Thailand and its always only been about the tax/surveillance long-game. The TRD will have FULL personal and financial details of every crypto trader in the country after a few years, and that's a pretty powerful cache of data.

Thailand’s 5-year crypto tax break: What they’re not telling you
At first glance, Thailand’s crypto tax exemption sounds like a trader’s paradise. No capital gains tax for five years?

But here’s the kicker: The waiver only applies if you’re using licensed local exchanges, like Bitkub or Bitazza, which are regulated by the Thai SEC. If you’re trading on Bybit, OKX, or any offshore platform that doesn’t have local approval, you’re out of luck (and possibly out of legal bounds). In other words, the government isn’t giving away free money; it’s tightening control over where and how you trade. This move is as much about compliance and consumer protection as it is about tax relief.

While the tax policy may boost trading activity, Thailand still faces a serious challenge in cybercrime. The country has one of the region’s highest rates of crypto-related scams and cyberattacks, about 70% above the global average.

Thailand is also preparing to implement the OECD’s Crypto-Asset Reporting Framework (CARF), a new global standard that mandates information sharing on crypto transactions across jurisdictions. Once adopted, expected early in the five-year tax holiday, this framework will require crypto platforms to report user holdings and transaction details to Thai authorities, who can then share that information with other governments.

...

It’s a two-edged sword: Thailand is making it easier and cheaper to trade crypto, but at the cost of tighter surveillance and reduced financial anonymity. For governments, it’s about transparency and taxation. For users, it’s a reminder that in crypto, convenience and privacy rarely go hand in hand.

https://cointelegraph.com/explained/tha ... elling-you

I wouldn't say its getting "easier", the KYC that Thai exchanges want is far worse than your average bank ... they know more about you than your parents!

[Martinoo]

That the tax break is valid for only SET registered and licenced exchange platforms is near 100% logical. And the off unlicenced crypto trader will soon be gone due to regulations as per the Royal Decree to prevent technology crimes per 2025
Next, the registered exchanges have to report anyway to SET, since 2023/24 so CARF ruling will have little to no effect....
Dealing with non SET registered, online foreign exchange platforms can never be stopped, but they have no obligation to Thailand as well...

Holding your crypto currency in a hard wallet PLUS having a (second) exchange in the mother/fatherland, which every foreigner in Thailand should be able to get, gives possibilities to get your profits into Thailand without being taxed, but only if you can show the money/crypto's were owned before 2024.

Any recent assembled cryptocurrency wealth will be more difficult to move around without being taxed one way or another, challenging but not impossible

[buksida]

The bottom line is Thailand is making things harder, not easier, with all these rules, regs, and reporting - a crypto "hub" or "haven" it is not. Like most governments around the world, they want their slice of the action. At the moment you don't have to "show" anything regarding when or where you obtained your holdings, but as we know, that is likely to change. The safest option is to keep it all offshore, away from greedy governments and taxmen.

[Martinoo]

Not only Thailand, OECD is global regulation and there will be no 'tax free' income and crypto gains are considered income....crypto nor cash
Not sure if 'offshore; is the way to keep your holdings, hard wallet, disconnected from everything, is the best way....and no transactions in Thailand but in and through the homeland.
I have the benefit that I am considered 'tax free' in the homeland as I am well over 10 years abroad.
I do not report any crypto asset, holding nor transactions and profits in Thailand...never done it, never had a complaint.

I do hold my bank saving account balance 400K for my visa in crypto and sell them out just before transfer to Bank. As per today 27% profit for 2025, better than the 1.5-2% from the bank anyway.... I leave the balance and I expect to have gained enough per end of 2027 to leave my own 400K in the safe hands of my trusted wife... The only negative is that I am always up for renewal January 2 and always miss the best 2 months November and December...

[buksida]

Hard wallets are not infallible; look what happened to thousands of Ledger customers after the company got hacked. Also, there are no yields on crypto stuck on a hard wallet so its not really ideal.

Money in a Thai bank is dead money, but unfortunately, we all have to do it to maintain our visas. Making 27% every year is virtually impossible because crypto markets are cyclical with long bear markets. This year is pretty good though.

And ... November is a shite month to renew your visa, the place is rammed ... but not for this thread.