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  • Thailand takes steps to encourage the use of cryptocurrencies.
  • Thailand’s central bank has announced plans to test a digital currency in the second quarter of 2022.
  • The Thailand Stock Exchange will support trading Bitcoin and other digital assets, following Thailand’s strategy to adopt digital assets.
Thailand’s bitcoin economy is gaining traction as businesses, and real estate developers accept cryptocurrencies. Instead of attempting to curb the rate of adoption of cryptocurrencies among Thai residents by prohibiting cryptocurrency trade and mining, the country’s government authorities are putting in place a regulatory framework.

According to an anonymous source within the Finance Ministry, who revealed information to the Bangkok Post last month stating that all taxpayers, investors, and mining operators who profit from cryptocurrencies will be subject to a 15% holding tax, this framework will implement a 15% capital gains tax on profits for cryptocurrency trading.

Thailand’s central bank has also stated that a central bank digital currency will be tested in the second quarter of 2022. Furthermore, as part of a planned crypto-tourism push, the government will develop the TAT token’s utility token.

To add to all of this, the Thailand Stock Exchange has announced that it would introduce support for digital assets, allowing dealers to trade using Bitcoin and other prominent cryptocurrencies.

These cryptocurrency-related occurrences in Thailand force Thailand’s regulatory and governing agencies to establish and execute a regulatory framework for cryptocurrencies. Thailand’s financial authorities will continue to regulate cryptocurrencies as a form of payment, despite concerns that their usage could jeopardize its financial industry.

Rather than following in the footsteps of other countries, such as China, which have cracked down on and banned cryptocurrency investing and mining, Thailand will investigate how cryptocurrency and blockchain technology can benefit the country and will put in place a regulatory framework that is mutually beneficial for citizens and the country’s governing bodies.

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