Thailand Removes VAT on Digital Asset Trading to Fuel Industry Growth
The Thailand Finance Ministry has taken a significant step to boost the digital asset industry by removing the value-added tax (VAT) on digital asset trading, effective since January 1, 2024.
This exemption applies to regulated brokers, dealers, and authorized cryptocurrency exchanges. The government aims to position Thailand as a hub for digital assets, anticipating positive impacts on the nation’s digital economy. Paopoom Rojanasakul, the Finance Minister’s secretary, expressed interest in using digital assets for fundraising.
The VAT exemption, with no set expiration date, coincides with the elimination of the 7% VAT on income from cryptocurrency trading. The Finance Ministry and Thailand’s Securities and Exchange Commission are concurrently amending the 2019 Securities and Exchange Act to align digital investment tokens with securities, aiming for a balanced approach to harness the development potential of digital assets while ensuring financial system stability.
Clever Robot News Desk 11th February 2024
