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