Crypto Trading Exempt From 7% VAT Requirement
Thailand’s Finance Ministry has introduced new measures to boost the country’s digital asset industry and establish itself as a key player in the sector. One of these measures is the exemption of value-added tax (VAT) on digital asset trading. The ministry aims to promote digital assets as an alternative fundraising tool. The VAT exemption took effect on January 1, 2024, with no expiration date. Previously, the exemption only applied to authorized digital asset exchanges but has now been extended to include brokers and dealers regulated by Thailand’s Security and Exchange Commission (SEC).
Thailand’s Amendments To Crypto Regulation
Thailand has strict regulatory rules and licensing requirements for crypto assets, making it challenging for businesses and investors. While the US SEC recently approved Spot Bitcoin ETFs, Thailand’s regulatory agency does not plan to approve such investment products in the near future. However, they will continue monitoring their development and operations to create policy guidelines that align with Thailand’s regulatory landscape. Additionally, Thailand’s Finance Ministry and SEC are amending the Securities and Exchange Act to provide adequate oversight for digital investment tokens resembling securities. These amendments could help expand Thailand’s digital asset market in the region.
Hot Take: Thailand Pushes for Digital Asset Industry Growth
Thailand’s Finance Ministry has implemented new measures to stimulate its digital asset industry, including exempting VAT on digital asset trading. By removing this tax requirement, the government aims to position Thailand as a digital asset hub and encourage fundraising through digital assets. The VAT exemption applies to both authorized exchanges and brokers regulated by the SEC, providing more opportunities for market participants.
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