Thailand To Waive Capital Gain Tax On Crypto Sales
Thailand has approved new tax exemptions on income from the sale of cryptocurrencies like Bitcoin for five years, according to an official announcement by the Ministry of Finance.
Thailand will waive the capital gain tax on crypto sales made through licensed crypto asset service providers in the period from Jan. 1, 2025, to Dec. 31, 2029, deputy finance minister Julapun Amornvivat said in a statement issued on June 17.
According to the minister, the measure is designed to strengthen Thailand’s position as a global financial hub and one of the first countries in the world to adopt laws for digital assets and their taxation.
The tax measure also aims to promote cryptocurrency trading in Thailand under the supervision of the Thai Securities and Exchange Commission (SEC) in compliance with Anti-Money Laundering (AML) policies recommended by the Financial Action Task Force (FATF).
Crypto assets’ role in fundraising
In the statement, the minister highlighted the role of crypto assets in fundraising, which is an important use case for the use of technology and innovation in Thailand.
According to the ministry’s estimations, crypto assets are projected to help the Thai economy expand and increase tax revenue in the medium term “by no less than 1 billion baht,” or $30.7 million.
Related: Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains
Thailand’s latest crypto-friendly move follows a growing trend for crypto acceptance. On May 26, the finance ministry reportedly announced plans to allow crypto spending by tourists as part of major regulatory reforms.
The SEC goes after Bybit and OKX
The news comes shortly after the Thai SEC announced a decision to block five global crypto exchanges, including Bybit, OKX, CoinEx, XT.COM and Bybit in late May.
According to the regulators, the blocks were allegedly caused by the exchanges operating without a valid local license and are expected to be enforced from June 28.
On the other hand, other crypto companies like KuCoin and Tether have been scaling their presence in Thailand, with KuCoin launching a fully regulated local subsidiary after acquiring a SEC license on June 13.
Tether, issuer of the world’s largest stablecoin, USDt, started rolling out its tokenized gold digital asset in Thailand with a listing on local crypto trading platform Maxbit in mid-May.
Magazine: China threatened by US stablecoins, G7 urged to tackle Lazarus Group: Asia Express
