"Cryptocurrencies"

South Korean entrepreneur Do Kwon was a rising star of the global digital asset market when his company Terraform Labs launched the cryptocurrencies UST and luna three years ago.

Cryptocurrencies nursed large losses on Friday (May 13), with Bitcoin back above $30,000 but still set for a record losing streak after the collapse of TerraUSD, a so-called stablecoin, rippled through cryptocurrency markets.

The Indian government is considering taxing cryptocurrencies such as Bitcoin on par with casinos, lotteries, betting and racecourses, sources said.

Amidst the war in Ukraine, the use of cryptocurrencies has passed a true test of strength in the debate on the advantages of using cryptocurrencies over traditional ‘money’, as they are decentralised and might be the only means of payments left.

The Revenue Department has issued guidelines on the waiver of income tax on revenue earned from the transfer of cryptocurrency or digital tokens.

When new rules come in force from April 1, buyers of property or vehicles will still be able to use digital money as a guarantee, but not to pay for the purchase, a senior official from the Bank of Thailand said recently.

The finance minister and the Bank of Thailand (BOT) on Thursday reiterated that cryptocurrencies cannot be used as a means of payment because it could affect the stability of the baht.

The Cabinet on Tuesday approved value-added tax (VAT) exemption and personal income tax deduction on cryptocurrencies and digital token trading.

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Former Bank of Thailand director Anusorn Thammajai on Sunday warned Thailand’s growing army of cryptocurrency investors that the digital assets could crash again in March.

The Thai Digital Asset Association has submitted an offer to the Minister of Finance on ways to support and promote opportunities in the new financial industry and has suggested exemption from income tax on cryptocurrency trading for at least 3-5 years, Prinn Panitchpakdi, honorary adviser to the association, revealed.

Kla Party leader Korn Chatikavanij urged the Revenue Department on Wednesday to delay taxing cryptocurrency trading until it has listened to opinions from experts.