Thailand removes crypto trading tax in bid to be digital asset hub

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Thailand has announced new regulations exempting value-added tax (VAT) on all digital asset trading as it aims to become a regional hub for such products. The exemption has been in effect since January 1, 2024 with no expiration date, according to the country’s Finance Ministry.

Previously, crypto and digital token trading activities were subject to a 7% VAT. The latest development also adds to an existing policy exempting VAT for crypto transfers to a third party, which came into effect last May.

Thailand is undergoing a transition in crypto-friendly regulations. Last month, the country’s Securities and Exchange Commission lifted the 300,000 baht (around US$8,400) investment cap for retail investors in digital tokens backed by real estate or infrastructure.

Finance Minister’s Secretary Paopoom Rojanasakul stated that the government aims to promote digital assets as a new alternative for fundraising and to boost the country’s digital economy, according to The Bangkok Post.

See also: Malaysian court order against Luno causes concern across crypto firms

​​Currency converted from Thai baht to US dollar: US$1 = 35,77 baht.