Thailand has eliminated capital gains taxes on crypto sales for the next five years, marking the Southeast Asian nation's most aggressive push yet to position itself as a premier global financial hub for digital assets.

The Thai Cabinet approved the sweeping tax exemption on Tuesday, waiving personal income taxes on crypto capital gains from sales conducted through licensed digital asset service providers from January 1, 2025, to December 31, 2029. 

Deputy Finance Minister Julapun Amornvivat announced the landmark decision in a statement Tuesday, calling it the government's ambition to establish Thailand as "one of the world's financial hubs."

The move represents a strategic effort by Thai authorities to attract international crypto businesses and investors away from established hubs like Dubai and Singapore.

First to the punch

Thailand is maintaining itself as "one of the first countries in the world to have laws governing digital assets and digital asset tax laws," according to Amornvivat's statement.

The government projects the initiative will generate substantial economic benefits, with the Finance Ministry estimating that crypto assets will help expand the Thai economy and increase tax revenue "by no less than 1,000 million baht" ($30.7 million) over the medium term. 

Industry experts suggest the impact could be far more significant, with Thailand's crypto holders already controlling the second-highest concentration of digital assets in Southeast Asia.

"Thailand crypto HODLers are holding $180 billion, and clear regulations and tax reforms will help people to hold more crypto assets," Jagdish Pandya, founder of Blockon Ventures and organizer of Thai Blockchain Week 2019, told Decrypt.

Pandya projects that "with the rise of Bitcoin three to 10 times after every halving and exponential industry growth, Thailand digital asset holdings can touch $1 trillion by 2030."

He noted that the Thai government was the "first to move in setting up comprehensive crypto regulations" and that "Chiang Mai, Phuket are emerging web3 hubs" that will attract foreigners.

The latest tax exemption applies specifically to transactions conducted through licensed platforms regulated by Thailand's Securities and Exchange Commission, including digital asset exchanges, brokers, and dealers operating under the Digital Asset Business Act. 

The requirement ensures compliance with Anti-Money Laundering policies recommended by the Financial Action Task Force.

However, the policy comes with caveats that could limit its accessibility. 



Archer Wolfe, cofounder of MohrWolfe and a former resident of Thailand, told Decrypt that Thailand’s largest crypto exchange, Bitkub, “will be facilitating most of these sales,” adding that “the issue at play is who is actually allowed to use the platform." 

He warned that eligibility often changes "overnight based on the government's regulatory oversight," alternating between allowing international users and restricting access to Thai nationals only.

The announcement coincides with Thailand's broader crypto-friendly initiatives, including plans announced in May to allow tourists to spend crypto as part of major regulatory reforms. 

Under that system, merchants would receive Thai baht as usual, often without knowing crypto was used in the transaction, with the backend automatically converting crypto to fiat currency in real-time.

Edited by Sebastian Sinclair

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