While the taxation of Bitcoin (BTC) and cryptocurrencies continues to be a controversial topic, the latest news came from Thailand and Spain.
Accordingly, the far-left party Sumar in Spain first proposed increasing the cryptocurrency tax rate to 47%.
Accordingly, Spain’s left-wing Sumar coalition has proposed a tax law amendment that would raise the maximum tax rate on cryptocurrency income such as Bitcoin and Ethereum to 47%.
The bill aims to reclassify cryptocurrency gains by including them in the general income tax category, rather than treating them as profits from non-traditional financial assets.
This amendment would see retail investors see the maximum personal income tax rate on cryptocurrencies increased from the current 30% to 47%, while corporations would be subject to a single 30% rate.
Spain is considering increasing tax rates on cryptocurrencies like Bitcoin, while Thailand is planning to implement a 0% capital gains tax on Bitcoin trading.
Accordingly, the Thai government is imposing a 0% capital gains tax on Bitcoin profits generated through licensed national exchanges.
Only profits from crypto platforms licensed by the Thai SEC receive tax benefits. However, profits from transactions on unlicensed domestic platforms and unlicensed overseas platforms are still fully taxable.
This move aims to attract foreign investment into the country and help Thailand become a hub for crypto assets.
Thailand is sending a clear message with its new zero-tax rule for its exchanges: it wants to be a Bitcoin and cryptocurrency-friendly hub, experts say.
*This is not investment advice.