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Cashing Out Blockchain Income in Thailand
Cashing out your Cryptocurrency can be sometimes complex in Thailand as it involves KYC, AML and tax issues not mentioning the risk of having the funds blocked by the Bank.
Use of an exchange (also known as a third-party broker) allows you to cash out your cryptocurrency and deposit a FIAT currency into your account. If you decide to cash out your Cryptocurrency using an exchange, it will normally take about 1-5 days for the money to reach your account. For transactions above 200,000 USD you may have to consider using an OTC (Over the Counter) solution
USDT or Tether is another popular option cashing out any holdings. Tether is a Cryptocurrency whose coins in circulation are backed by an equivalent amount of traditional currencies (e.g. USD, EUR or GBP). This makes Tether a very stable coin which allows the seller to easily cash out directly into Thai Baht. The process works as follows, coin holders sell their Cryptocurrency in Tether, then use an exchange to withdraw the Tether as a FIAT currency into their Thai bank account.
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In order to be able to cash out your cryptocurrencies into Thai Baht, you need to open a bank account in Thailand. To open a bank account in Thailand, Banks will require you to present your passport during the application process. Banks usually require the possession of a work permit, or a lease for your condo/home (valid for at least 1 year). Belaws’ experts can assist you with opening a bank account and identifying a branch that does not require you to present a Work Permit or lease.
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