Nikolas Sargeant
Thailand has introduced a significant tax policy to bolster its digital asset sector. Effective from January 1, 2025, to December 31, 2029, the government will waive capital gains tax on cryptocurrency sales conducted through licensed crypto asset service providers. Deputy Finance Minister Julapun Amornvivat announced this measure in a statement issued on Tuesday, highlighting its potential to attract both domestic and international investors.
The exemption aims to position Thailand as a leading global financial hub by fostering a favorable environment for cryptocurrency trading. The policy aligns with the country's broader strategy to integrate digital assets into its economic framework, ensuring compliance with international standards set by the Financial Action Task Force (FATF).
In addition to tax relief, the Thai government is enhancing regulatory frameworks to support the growth of the digital asset industry. The Securities and Exchange Commission (SEC) is actively working on amendments to the 2019 Securities and Exchange Act, aiming to provide clearer guidelines and promote innovation within the sector. Additionally, the Tourism Authority of Thailand has been building crypto partnerships to enable crypto payments for tourists and among other things.
This move follows Thailand's previous efforts to encourage digital asset adoption, including the introduction of VAT exemptions on crypto trading in 2024. With these comprehensive measures, Thailand is positioning itself as a competitive destination for cryptocurrency investments in the Southeast Asian region.
