According to reports from the local media, the Ministry of Finance has eased regulations by removing the necessity to pay a value-added tax of seven percent on profits made from trading cryptocurrencies.
According to the local media, Thailand has extended its exemption from value-added tax on cryptocurrency trading in an effort to encourage the development of the nation into a hub for digital assets.
On Wednesday, the Bangkok Post reported that the Ministry of Finance suspended the obligation to pay a value-added tax of seven percent on earnings from cryptocurrency trading. This was one of the laws that was modified. As to the article, the tax exemption period went into force on January 1, 2024, and there is no specified date by which it would eventually expire.
Brokers and dealers that hold a Securities and Exchange Commission license are also exempt from value-added tax when it comes to cryptocurrency trading.
In response to The Block’s request for more comment, the Ministry of Finance did not immediately provide a response.
Thailand has been successful in luring a number of international cryptocurrency exchanges, like Binance, to establish operations inside the country. Binance made the announcement that Gulf Binance, a joint venture between Binance and Gulf Innova, Thailand, has introduced cryptocurrency exchange services to the general public in Thailand. This announcement came after Gulf Binance conducted an invite-only test in November.
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