Thailand’s Ministry of Finance has declared the exemption of cryptocurrency trading from value added tax (VAT). This decision was made to encourage the country’s transformation into a hub for digital assets and promote them as a new avenue for capital raising.
The government expects this move to support the growth of the cryptocurrency industry in Thailand and drive the digital economy forward. The VAT exemption went into effect on January 1, 2024, with the extension of the rule to brokers and dealers registered with the Securities and Exchange Commission.
The Ministry of Finance believes that this new tax policy will further expand the digital asset market in the country. However, they also emphasized the importance of considering financial stability when tapping into the development potential of the sector.
Earlier this year, Binance launched a comprehensive trading and brokerage platform in Thailand, as reported by the Bangkok Post.
