Is there still restriction in Thailand on using bitcoin as payment for goods and services? ðđð #Siamstr
Discussion
Not at all.
The only restriction about this is SEC (by influance of BOT) have prohibit any business under their digital asset license (exchange, broker, dealer, etc.) to help, promote or provide any tools or services for their clients to use any digital assets as a mean of payment. This action claimed to prevent cryptos from becoming MoP widely.
But as a normal businesses and ordinary individuals, for now anyone may take income or pay bitcoin for anything without any prohibition. Just declare their income tax.
Oh really!? How about this?
That is the same as I told. (with clickbait title)
It means if you're selling something and also you're a user of Thai exchange such as Bitkub, then you send your deposit address to your customer for them to deposit bitcoin into your Bitkub account as the way to pay for goods you sell. If Bitkub know what you're doing, they have duty according to this law to warn you to stop using their platform in this way and may be cease your account if you insist on keep doing this. But there will not have any other law enforcement or punishment on you.
But if Bitkub know what you're doing and do noting with it, if SEC know then Bitkub will be punish for their ignorance.
Anyway by using other wallet such as Wallet of Satoshi, Phoenix or even using on-chain transaction paying for something. These situation above will not be happen.
Ummm ðĪ
Thank you very much! ð
If you want to see more you may take a look on SEC's announcement no. āļāļ. 5/2565 which that is the law we're talking about.
https://law.sec.or.th/content/4876/7929/1
and Revenue Department's guideline on crypto tax that have clear instruction about how to declair tax when you receive crypto as a mean of payment for selling things or payroll. that mean doing this are no wrong according to Thai's law except you don't pay your tax 555
https://www.rd.go.th/fileadmin/user_upload/lorkhor/information/manual_crypto_310165.pdf
(of course, all these document are written in Thai)
Ty ð