According to a notice from the Ministry of Finance, Thailand has approved tax exemptions for the sale of cryptocurrencies such as Bitcoin for five years.
Thailand will exempt the capital tax tax on cryptocurrency sales from licensed crypto asset asset service providers from 1 January 2025 to 31 December 2029, Deputy Finance Minister Julapun Amornvivat said in a statement release Tuesday.
According to the minister, the measure aims to strengthen Thailand’s position as a global financial center and is one of the first countries to adopt digital asset laws and their tax laws.
The tax measure is also aimed at promoting cryptocurrency trading in Thailand under supervision by the Securities and Exchange Commission (SEC). Anti-money laundering (AML) Policy recommended by the Financial Action Working Group (FATF).
The role of crypto assets in fundraising
In the statement, the minister highlighted the role of crypto assets in fundraising activities, an important use case for Thai technology and innovation.
According to the ministry’s estimates, crypto assets are expected to help Thailand’s economy expand and increase medium-term tax revenues “not less than 1 billion baht”, or $300.7 million.
Related: Brazil ends crypto tax exemption, imposes a fixed interest rate of 17.5% on earnings
Thailand’s latest crypto-friendly move follows the growth trend of cryptocurrencies. It is reported that on May 26, the ministry announced Plans allow visitors to spend crypto as part of the main regulatory reform.
SEC follows Bybit and Okx
The news came shortly after the Thai SEC’s decision announced in late May Five global crypto exchangesincluding Bybit, Okx, Coinex, XT.com and Bybit.
According to regulators, the neighborhoods are generated by exchanges without a valid local license and are expected to be executed starting June 28.
Other crypto companies, such as Kucoin and Tether, have been with their presence in Thailand and with Kucoin launches fully regulated local subsidiary After obtaining a SEC license on Friday.
Tether, the world’s largest issuer of Stablecoin, USDT, Begins to launch its marked gold digital assets in Thailand Listings were listed on the local cryptocurrency platform Maxbit in mid-May.
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