Thailand has approved income tax excludes from the sale of cryptocurrencies such as Bitcoin for five years, according to an announcement by the Ministry of Finance.
Thailand will delete the tax -sales tax on crypto sales made by licensed crypto asset service providers during the period from January 1, 2025, to December 31, 2029, Deputy Finance Minister JULASUN EMORNVIVAT said in a statement Issued on Tuesday.
According to the minister, the proposal was designed to strengthen Thailand’s position as a global finance hub and one of the first countries that enacted laws for digital ownership and their taxation.
The tax proposal also aims to promote cryptocurrency trade in Thailand under the supervision of the Thai Securities and Exchange Commission (SEC) in compliance with the Anti-Money Laundering (AML) The rules recommended by the Financial Action Task Force (FATF).
The role of crypto assets’ in fundraising
In the statement, the minister emphasized the role of crypto assets in funding funds, which is an important case of use for technology and changes in Thailand.
According to ministry estimates, crypto properties are expected to help the Thai economy expand and increase medium term tax revenue “by at least 1 billion baht,” or $ 30.7 million.
Related: Brazil ends a crypto tax exclusion, imposing a 17.5% flat rate on gains
Thailand’s latest crypto-friendly transfer follows a growing course of crypto acceptance. On May 26, it was reported announced by the ministry Plans to allow Crypto expenditure of tourists as part of major regulatory reforms.
SEC goes afterbit and okx
The news came shortly after Thai Sec announced a decision in late May to I -block five global crypto exchangesIncludes Bybit, Okx, Coinex, XT.com and Bybit.
According to regulators, the blocks result from exchanges operating without valid local licenses and are expected to be implemented from June 28.
Other crypto companies, such as Kucoin and Tether, are that they have been having their existence in Thailand, along with Kucoin’s launch of a fully controlled local subsidiary After obtaining a SEC license on Friday.
Tether, gave the world’s largest stablecoin, USDT, Started a tokenized digital digital asset in Thailand Through a list on the local crypto trading platform Maxbit in mid -May.
Magazine: China’s US Stablecoins threatened, G7 urged Lazarus Group: Asia Express
