The government of Thailand is regulating the local cryptocurrencies ecosystem by reportedly enacting new taxes rules for the sector. According to a report Thuresday by The Bangkok Post news agency, profits from crypto trading in Thailand will be subject to a 15% capital gains tax.

The Thai Revenue Department is also planning to adjust its monitoring duties amid the booming digital asset market. “The department has the authority to collect taxes from crypto trades as profits from such activity are considered assessable income under Section 40 of the Royal Decree amending Revenue Code No.19,” the report stated.

The Thai finance ministry recommended that investors should calculate and report their income from cryptos in tax declarations in 2022 to avoid legal penalties. It will be collected from all taxpayers who profited from crypto, and this also applies to mining operations. However, crypto exchanges are reportedly won’t be entitled to any new tax requirements.

Akalarp Yimwilai, co-founder and CEO at major local exchange Zipmex Thailand, raised concerns about the ongoing uncertainty regarding the crypto tax reporting process and how to calculate profits.

“Tax methods and calculations should be more concise, clear, and easy to understand. Many people I know want to pay taxes, but don't know how to calculate them,” Akalarp said.

The newly released report comes amid the Thai governments’ plans to set “red lines” for crypto in 2022. For instance, Bank of Thailand governor Sethaput Suthiwartnarueput announced in mid-December that the central bank is planning to release new regulations regarding the crypto industry earlier in 2022. 

CoinTelegraph previously reported that financial authorities in Thailand have been bullish on legislation to collect a 15% capital gains tax on crypto since March 2018.