Thailand’s Cabinet has approved a set of tax measures aimed at promoting its cryptocurrency market.
Personal income tax will be exempt on profits earned from the sale of digital assets through licensed operators until December 31, 2029.
The announcement came from Deputy Minister of Finance Chulaphan Amornvivat. He called attention to the development in a tweet, emphasizing the government’s push to transform Thailand into a digital asset hub.
Key Details of the New Tax Measure
Under the new tax policy, individuals who sell digital assets through operators licensed by the Thai Securities and Exchange Commission will not be subject to personal income tax on the capital gains from these sales.
This initiative aims to create a more transparent trading environment to foster growth in Thailand’s crypto market. By offering tax relief for crypto investors, the government seeks to stimulate innovation and increase foreign investments.
Additionally, the Ministry of Finance emphasized that the policy will encourage technological advancement and contribute to a more robust economy. The government expects the new tax measures to generate at least 1 billion baht in tax revenue over the medium term.
Might Lead to Additional Taxation Reforms
Amornvivat also mentioned that the law could eventually lead to the introduction of additional tax measures, such as a value-added tax. He further highlighted that Thailand is among the first countries globally to implement clear tax regulations for digital assets.
The Revenue Department is working to align with the OECD’s data exchange standards to enhance the transparency and auditability of digital transactions in the country. According to Amornvivat, this initiative represents a significant step toward boosting Thailand’s economic potential and allows Thai entrepreneurs to expand their global reach.
Thailand’s Evolving Financial Strategy
Thailand’s efforts to integrate digital assets into its financial system extend beyond tax exemptions. Previously, the government announced plans to introduce a new payment system that would allow tourists to make purchases using cryptocurrency. This initiative aims to modernize the country’s financial ecosystem further.
Meanwhile, Thailand’s financial market continues to attract new players. One of the most recent developments is the entry of KuCoin into the Thai market.
KuCoin has acquired ERX Company, a previously licensed digital token exchange in Thailand, and rebranded it as KuCoin Thailand.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
