Thailand waives value-added tax on crypto gains: report
Quick Take
- The Ministry of Finance relaxed rules by suspending the requirement to pay a 7% value-added tax on gains from crypto trading, local media reported.
Thailand has extended its value-added tax exemption on cryptocurrency trading in an attempt to develop the country into a digital asset center, according to local media.
The Bangkok Post reported on Wednesday that the Ministry of Finance has relaxed rules by suspending the requirement to pay a 7% value-added tax on gains from crypto trading. The tax exemption period became effective on Jan. 1, 2024, without an expiration date, according to the report.
The VAT exemption on crypto trading also extends to brokers and dealers regulated by the Securities and Exchange Commission.
The Ministry of Finance did not immediately respond to The Block's request for further comment.
Thailand has attracted some global crypto exchanges, such as Binance, to set up shop in the country. Last month, Binance announced that Gulf Binance — a joint venture between Binance and Thailand’s Gulf Innova — launched crypto exchange services to the general public in Thailand following an invite-only test in November.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
