According to an announcement from the Thai Ministry of Finance, Thailand has approved a five-year tax exemption on sales revenue from cryptocurrencies such as Bitcoin.
Thai Deputy Finance Minister Julapun Amornvivat stated in a declaration on Tuesday that from January 1, 2025, to December 31, 2029, cryptocurrency sales conducted through licensed crypto asset service providers will be exempt from capital gains tax.
According to the minister, this move aims to strengthen Thailand's position as a global financial center and to be one of the first countries to establish laws for digital assets and their taxation.
This tax measure also aims to promote the development of cryptocurrency trading in Thailand, which is regulated by the Thai Securities and Exchange Commission (SEC) under anti-money laundering (AML) policies recommended by the Financial Action Task Force (FATF).
In the statement, the minister emphasized the role of crypto assets in fundraising, which is an important application scenario for technology and innovation in Thailand.
According to the Ministry of Finance's estimates, crypto assets are expected to help expand the Thai economy and increase tax revenue by "no less than 1 billion baht," equivalent to 30.7 million USD, in the medium term.
Thailand's latest crypto-friendly initiative follows the growing trend of cryptocurrency acceptance. Reports indicate that the Ministry of Finance announced on May 26 plans to allow tourists to use cryptocurrencies for consumption, as part of significant regulatory reforms.
Shortly before this announcement, the Thai SEC announced at the end of May its decision to block five global crypto exchanges, including Bybit, OKX, CoinEx, XT.COM, and Bybit.
According to the regulatory agency, these blocking measures were due to these exchanges not holding valid local licenses and are expected to take effect from June 28.
Other crypto companies, such as KuCoin and Tether, are also expanding their operations in Thailand. KuCoin launched a fully regulated local subsidiary after obtaining an SEC license on Friday.
Tether, as the issuer of the world's largest stablecoin USDt, began launching its tokenized gold digital asset in Thailand in mid-May and listed it on the local crypto trading platform Maxbit.
Related: Arthur Hayes: New stablecoin IPOs should be treated like "hot potatoes"
Original text: “Thailand Approves Five-Year Tax Exemption for Cryptocurrency”
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