Thailand approved A five-year tax exemption is available on gains made from trading digital assets through platforms licensed to trade cryptocurrency. This exemption is in place from January 1, 2020 through December 31, 2030.
Julapun Amornvivat, Deputy Minister of Finance announced Measure, calling it an effort to increase investments, stimulate economic activities, and drive growth on a long-term basis.
Amornvivat is a stated. “The Cabinet approved a five-year crypto tax exemption to promote Thailand as a global digital asset hub.”
According to the Ministry of Finance the policy is intended to enhance Thailand’s digital competitiveness. This policy targets transparent growth in order to attract more capital into Thailand’s market. The increased economic activity is expected to generate indirect tax revenues of over 1 billion Baht during the period when the exemption was granted.
Amornvivat said, “The capital gain tax exemption will be for the sale of digital assets made through operators regulated by the Securities and Exchange Commission.”
Tax breaks are only available to platforms that have been licensed by Thailand’s SEC. It includes all exchanges which meet the strict regulations set by the digital finance framework of government. Exemptions for exchanges with Thai licenses are not applicable.
Officials state that this new exemption conforms to international standards set by the OECD/FATF. To support fiscal stability, the government also explores a potential value-added (VAT), which would be applied to digital assets.
You can also find this at isn’t Thailand’s first step Take embracing as an example Bitcoin Or crypto.
Thailand has approved the adoption of its first spot Bitcoin ETF Asset manager ONEAM can launch a institutional fund in 2024. The ETF allows institutional investors to gain regulated access to Bitcoin via global funds.
Thailand has a dual approach. The government supports innovation by licensing platforms while clamping down on players who are not regulated. Clearer rules and reduced taxes are helping the country to become a leader of Bitcoin and Crypto growth in Southeast Asia.
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Source: bitcoinmagazine.com
