Authorities in Thailand have formally introduced a value-added tax (VAT) exemption for transfers of cryptocurrencies through government-approved exchanges. The tax break, in force until the end of next year, will also apply to digital currency issued by the Bank of Thailand.
According to the document, the main purpose of the tax relief is to promote cryptocurrency trade on authorized exchanges, allowing crypto transactions to be regulated and carried out under the supervision of relevant departments like the Securities and Exchange Commission (SEC).
Thailand’s Finance Minister Arkom Termpittayapaisit is convinced that the relaxed tax rules will make cryptocurrency exchange in the country more reliable and stable. He was also quoted as stating:
This would encourage Thailand to have an infrastructure and payment system that would be ready for the future digital economy.
Director-General of the Revenue Department Ekniti Nititthanprapas added that crypto trading will be more convenient for investors who will enjoy fair tax treatment and safe transactions while Thailand improves its image in the global digital space.
Do you expect other countries in the region to follow Thailand’s example and relax taxation for cryptocurrency trading? Tell us in the comments section below.
