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AVAX $8.31 (-5.02%)

Panama vs Thailand

Crypto regulation comparison

← Back to map | Panama | Thailand
Panama

Panama

Thailand

Thailand

Legal
Legal

Panama passed Law 129 in 2024 regulating crypto assets, virtual asset service providers, and tokenized securities. Panama has no capital gains tax on foreign-sourced or investment income, making it attractive for crypto investors. The law provides a regulatory framework for exchanges and establishes AML/KYC obligations for VASPs.

Thailand has a comprehensive crypto regulatory framework under the Digital Asset Business Emergency Decree (2018). The SEC Thailand licenses digital asset exchanges, brokers, and dealers. Crypto gains are taxed at 15% withholding tax, though the government exempted VAT on crypto trading on authorized exchanges from 2022. Thailand has a well-developed exchange ecosystem with Bitkub as the dominant platform.

Tax Type None
Tax Type Capital gains
Tax Rate 0%
Tax Rate 15%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator SBP (Superintendencia de Bancos de Panamá), SMV
Regulator SEC Thailand, BOT (Bank of Thailand)
Stablecoin Rules No specific stablecoin regulation
Stablecoin Rules SEC Thailand regulates digital tokens including stablecoins
Key Points
  • Law 129 (2024) regulates crypto assets and VASPs in Panama
  • No capital gains tax on investment or foreign-sourced income (territorial tax system)
  • VASPs must comply with AML/KYC requirements under the new framework
  • Crypto payments for commercial transactions are permitted
  • Panama's territorial tax system means crypto gains from international trading are untaxed
Key Points
  • Digital Asset Business Emergency Decree B.E. 2561 (2018) provides comprehensive regulation
  • SEC Thailand licenses exchanges, brokers, dealers, and fund managers for digital assets
  • 15% withholding tax on crypto gains; VAT exempted on authorized exchange trades since 2022
  • BOT restricts crypto for payments but allows it as an investment asset
  • Bitkub is the dominant exchange (~90% market share domestically)
Sources
Sources