Bitcoin Daily: 15% Crypto Exchange Tax in Thailand

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Thai taxpayers who make money from cryptocurrencies will have to pay a 15% capital gains tax this year, CoinDesk reported on Thursday (January 6).

While there are exemptions for trading, there will be no exemptions for retail investors or mining operators, according to the Bangkok Post newspaper.

Thailand’s revenue department has said it wants to strengthen its oversight of crypto trading after the market experiences significant growth in size and value in 2021. By law, the department is allowed to consider profits from the crypto trading as taxable income.

The report states that investors have been recommended to identify their crypto income when filing income tax, in order to eliminate penalties.

Meanwhile, bitcoin miners made more than $ 15 billion in revenue during 2021, according to The Block Research, which is a 206% year-over-year increase.

The coin was up 317% year over year, according to Thursday’s press release. Mining revenues peaked in March last year, with miners bringing in around $ 1.75 billion.

The year has seen bitcoin mining revenues skyrocket due to the asset price performing well, including a new record high in early November.

Bitcoin’s dominance hasn’t always worked well – it fell from 70% to 43% at the time of writing, although there was a 40% low in May. The decline stems at least in part from the growth of the Layer 1 protocol and their token.

Finally, Craig Wright, who says he was the secret inventor of bitcoin, failed in his attempt to dismiss a lawsuit, The Register reported Thursday.

Now he will be accused of tampering with proof that he is the enigmatic crypto creator Satoshi Nakamoto, whose identity has never been proven.

Wright wanted parts of the Crypto Open Patent Alliance case against him to be dismissed, which essentially called him a liar for claiming to be the creator of bitcoin.

Nakamoto’s real identity is still unknown. They wrote the founding white paper of Bitcoin and disappeared around 2011. The 1.1 million bitcoins he personally mined have remained visible on the blockchain, the public ledger of Bitcoin transactions.

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