The Thai Cabinet has approved a proposal from the Ministry of Finance to exempt citizens from paying income tax on profits from digital asset transactions. The tax break will be in effect from January 1, 2025, through December 31, 2029, and will apply only to transactions conducted through licensed operators regulated by the country’sSecurities and Exchange Commission (SEC).
Focus on Regulated Trading
The capital gains tax exemption applies to individuals who profit from selling cryptocurrency. However, it does not apply to trading on unauthorized platforms. Authorities emphasize the importance of transparent and supervised trading through official channels that comply with SEC requirements.
Supporting Technological Growth and Investment
This measure is aimed at attracting international capital and stimulating domestic spending, which officials estimate could boost tax revenues by at least $27.3 million (1 billion baht) in the long run. At the same time, the government is investing in the development of blockchain infrastructure and the fintech sector.
The new policy was announced by Julapun Amornvivat, Deputy Finance Minister and a member of parliament from Chiang Mai province, representing the Pheu Thai Party. He emphasized that the initiative is intended to strengthen Thailand’s position as a digital hub.
Aligning with International Standards
Thailand’s Revenue Department is already preparing to implement automatic data exchange standards modeled after those of the Organisation for Economic Co-operation and Development (OECD). This is expected to improve transaction transparency and simplify international tax oversight.
As a result, Thailand is becoming one of the first countries in the world to codify a tax regime for digital assets at the legislative level. Authorities hope this will attract new participants to the regulated market and accelerate economic development.
Read also:
- Thailand Bans Unlicensed Crypto Platforms Including Bybit and OKX
- Thai Authorities to Launch Crypto Payments for Tourists With Automatic Conversion to Baht
- Thailand Legalizes USDT: Now Approved for Exchanges and Payments
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.