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.


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About Author

Timmy Shen is an Asia editor for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance, entertainment business and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.

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