LATEST: Thailand Abolishes Value-Added Tax on Crypto Trading to Boost Digital Asset Sector

Thailand has taken a strategic step towards becoming a digital asset powerhouse by eliminating the 7% value-added tax (VAT) on cryptocurrency trading profits. This landmark decision, which came into effect on January 1, 2024, is part of the country’s effort to invigorate its digital currency sector, with the policy having no designated end date. According to the Bangkok Post, the VAT relief not only benefits individual traders but also extends to transactions facilitated by brokers and dealers regulated by the Securities and Exchange Commission. The move is seen as a significant regulatory easing aimed at attracting investment and fostering a favorable environment for digital assets. Although the Ministry of Finance has not provided additional details, Thailand’s initiative has already seen positive outcomes, drawing in international crypto exchanges like Binance. A recent venture between Binance and Thailand’s Gulf Innova led to the launch of new crypto exchange services, highlighting Thailand’s growing appeal as a crypto-friendly destination.

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