Cryptocurrency in Thailand
The world of crypto, or cryptocurrency, has not gone unnoticed. The massive boom market of Bitcoin, Ethreum, Solana, Cardano and many more has changed markets around the world. That very same crypto market has of course also come to Thailand!
China bans crypto mining and Thailand wins
China's recent crackdown on crypo mining in the country has left massive amounts of crypto mining equipment useless. This was the start for creative entrepreneurs in Thailand to buy up that equipment and start mining in Thailand.
There has been reports of Thai entrepreneur making 1000-1335 THB per day running the machine from his home. Another one invested 1 million THB and made it all back in three months, mining Bitcoin.
An interesting note is that Thai Investors are looking to opening up shops in Laos where the electricity is cheap from the dozens of mega-dams.
You can read the full article here on Al Jazeera.
Invest in Crypto in Thailand
If you are looking to invest, buy or sell crypto in Thailand, there are a few options and they are growing fast.
Perhaps the most noticeable crypto exchange in Thailand is BitKub.com, which offers an easy to use marketplace to trade Bitcoin, Ethreum, Bitcoin and also their own Bitkub Coin.
The company recently made a deal with Siam Commerical Bank (SCB) where the bank bought 51% of the shares from BitKub Capital Group Holding, a deal that was valued at 17,85 billion THB.
Crypto Tourism in Thailand
According to a recent Bloomberg Report, The Tourism Authority of Thailand wants to make it easier for newly-minted crypto millionaires to travel to Thailand and using the crypto coins to enjoy Thailand with.
Some property developers have discussed this before so you that you can use, for an exemple, Bitcoin to pay for your new condo.
How this will look like and if this will happen, remains to see.
Thailand Crypto Tax
As an investor cryptocurrencies like Bitcoin or Ethreum, you should be very well-aware of the taxes that follow in Thailand. As soon as you sell your investments, you now have a 15% capital gains tax on your profit.