Thailand, Malaysia, Laos make inroads into crypto

Taxes on cryptocurrency trading should be fair, clear, practical and promote trade, the Thai Security and Exchange Commission’s former deputy secretary-general Tipsuda Thavaramara said on January 16.

The Revenue Department’s decision to discuss taxes for cryptocurrency trading with relevant agencies was a good move, she added.

Tipsuda also pointed out the three issues related to taxing cryptocurrency trading that are questionable, in the areas of capital gains tax, value-added tax (VAT) and tax on issuing tokens.

First, the department’s decision to collect capital gains tax is unfair and unpractical as digital asset exchange operators do not pay investment returns to customers. Withholding tax also affects transactions as stores that accept cryptocurrencies must collect capital gains tax from customers.

Second, the department considers cryptocurrency a product, so businesses…