Thailand removes VAT on crypto trading to promote digital assets fundraising

The Finance Ministry of Thailand has removed the value-added tax (VAT) on digital asset trading, effective from Jan 1, 2024 with no expiration date.

This move aims to promote digital assets and crypto trading as a new tool for fundraising and support the growth of the digital asset industry in Thailand.

• The Finance Ministry has removed the 7% VAT on digital asset trading in Thailand, effective from Jan 1, 2024, to promote the country as a digital asset hub.
• The VAT exemption now includes brokers and dealers under the supervision of the SEC, aiming to support the growth of the digital asset industry in Thailand.
• The government is also considering the stability of the financial system while harnessing the potential development of the digital asset market in Thailand.

The exemption now includes brokers and dealers supervised by the Securities and Exchange Commission, and the government is also amending the Securities and Exchange Act to enable digital investment tokens to resemble securities.

This tax policy change is expected to further expand Thailand’s digital asset market, but the government also emphasizes the need to consider the stability of the financial system during this development.