Thailand has axed plans to apply a 15% withholding tax on crypto transactions after a backlash from crypto traders within the country, the Financial Times reported.

Fast facts

  • Last week, Thailand’s financial authorities announced plans to tighten regulation on the industry — including the 15% tax — aimed at limiting the widespread adoption of digital assets in a bid to protect the country’s 70 million residents.
  • Crypto traders in the country believed the tax to be excessive and were concerned it could severely hamper growth in the nascent industry.