Thailand has extended its value added tax (VAT) exemption on cryptocurrency trading and aims to transform the country into a digital asset hub, according to local media reports. On Wednesday, the Bangkok Post reported that the Ministry of Finance had relaxed rules, suspending the requirement to pay 7% VAT on profits from cryptocurrency trading.
The tax exemption period went into effect on January 1, 2024, according to the report. It was stated that the VAT exemption for cryptocurrency trading also applies to brokers and dealers regulated by the Securities and Exchange Commission of Thailand.
In a statement last year, Thailand’s finance minister announced that tax incentives had been approved for cryptocurrency companies offering investment tokens in the country. The minister also announced that investors investing in token sales will be exempt from value added tax for cryptocurrencies.
Image: Tally Solutions