Thailand has approved tax exemptions on income from the sale of cryptocurrencies like Bitcoin for five years, according to an announcement from the Ministry of Finance.
Thailand will give up capital gains tax on crypto sales made through asset service providers in approved cryptography during the period from January 1, 2025 to December 31, 2029, Deputy Finance Minister Julapun Amornvivat said on Tuesday published on Tuesday.
According to the Minister, the measure is designed to strengthen the position of Thailand as a global financial center and one of the first countries to adopt laws on digital assets and their taxation.
The tax measure also aims to promote trade in cryptocurrencies in Thailand under the supervision of the Thai (SEC) securities commission in accordance with the policies of fighting money laundering (AML) recommended by the Financial Action Task Force (FATF).
The role of crypto assets in fundraising
In the press release, the Minister highlighted the role of cryptographic assets in fundraising, which is a significant case for technology and innovation in Thailand.
According to estimates by the ministry, cryptographic assets should help the Thai economy develop and increase tax revenue in the medium term “no less than a billion baht”, or 30.7 million dollars.
In relation: Brazil ends the exemption from the cryptography tax, imposes 17.5% of lump sum rate on gains
The latest user -friendly move of Thailand follows an increasing trend in the acceptance of cryptography. On May 26, the ministry would have announced its intention to authorize the cryptographic expenses of tourists in the context of major regulatory reforms.
The dry goes after bybit and okx
The news occurred shortly after the Thai sec announced a decision at the end of May to block five global cryptography exchanges, including Bybit, Okx, Coinex, XT.com and Bybit.
According to regulators, the blocks result from exchanges operating without valid local licenses and should be applied from June 28.
Other crypto companies, such as Kucoin and Tether, have evolved their presence in Thailand, Kucoin launching a fully regulated local subsidiary after acquiring a dry license on Friday.
TETHER, transmitter of the largest stablecoin in the world, USDT, began to deploy its digital assets in token gold in Thailand with an inscription on the local trading platform of Crypto Maxbit in mid-May.
Review: China threatened by American stablecoins, G7 asked to tackle the Lazare group: Asia Express
