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Issues Surrounding Bitcoin in Thailand

Transcript of the above video:

As the title of this video suggests we are discussing Bitcoin. Bitcoin has been a pretty hot topic especially on the internet; especially internet news media outlets have been talking about Bitcoin a lot. The price of Bitcoin has been going up tremendously. 

We generally see a lot of folks with a lot of interest in Bitcoin in the Expat community. It seems to be disproportionately interesting to Expats. The reason I am making this video, this is not going to be an in-depth video. Basically we are just kind of talking about some issues to consider. One thing is issues associated with capital gains tax and tax residents in Thailand. These are things to keep in mind especially if one is getting a capital gain in currency terms against Bitcoin sales and they are physically located in Thailand and they meet the requirement of being tax resident. I am not going to get into a full analysis on all of that but that is definitely something to bear in mind. 

Another thing that we have seen, especially with some of our older clients who are invested in Bitcoin, is issues associated with Will drafting and Bitcoin. I am making a video contemporaneously with this one where I get into this in more detail but long story short it is something to seriously consider. Having a Will and Thailand is always a good idea if you have property in Thailand but there are really specific things to consider or I should say Bitcoin-centric considerations that should be thought about by those who are drafting a Will here in Thailand because Bitcoin is a very unique asset. It is not like a financial asset; it is not like certain other physical assets or real property. There are things that should be taken into account with respect to writing a Will associated with Bitcoin. 

The other thing to keep in mind with respect to Bitcoin here in Thailand is the issues associated with storage etc. and again not to go into too much detail but there are folks that we have seen over the years who have gotten into some real issues with losing their Bitcoin as a result of the way in which they were storing it. Again not to go into too much detail but that is going to be case specific. Legalities associated with that, especially as Bitcoin is such a new thing from a legal context, it probably is not a bad idea to really consider all of one's circumstances with respect to storage of Bitcoin especially for those who are living here in the Kingdom of Thailand.