Yesterday (28 Jan), the Thai tax office released an update on its latest tax policy, which focuses more on promoting the crypto market. Now, crypto traders in Thailand are able to subtract the loss rate.
This approach to crypto taxation seems to have reassured many Thai traders. This caused the Thai cryptocurrency Bitkub Coin (KUB) to soar.
The KUBTHB chart shows the Bitkub Coin price rising from yesterday’s low of 307 baht to today’s high of 337.92 baht, which indicates traders are returning trading.
We have previously seen the announcement of a crypto tax law in Thailand where traders cannot deduct their losses from profits to be used for tax returns, so many people felt this was unfair.
In the long run, however, it remains to be seen how the impact of this new policy will lead to more people entering the Thai crypto market.