Thailand has extended its value-added tax exemption on cryptocurrency trading in an attempt to develop the country into a digital asset center, according to local media.
The Bangkok Post reported on Wednesday that the Ministry of Finance has relaxed rules by suspending the requirement to pay a 7% value-added tax on gains from crypto trading. The tax exemption period became effective on Jan. 1, 2024, without an expiration date, according to the report. The VAT exemption on crypto trading also extends to brokers and dealers regulated by the Securities and Exchange Commission. Thailand has attracted some global crypto exchanges, such as Binance, to set up shop in the country. Last month, Binance announced that Gulf Binance — a joint venture between Binance and Thailand’s Gulf Innova — launched crypto exchange services to the general public in Thailand following an invite-only test in November.
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