Thailand aims to become a center for cryptocurrency operations by introducing a five-year tax exemption on income from crypto sales starting January 1, 2025.
Supporting Crypto Trade Under Regulation
According to Deputy Finance Minister Julapun Amornvivat, the tax exemptions will only apply to sales made through licensed platforms. These platforms include registered exchanges, brokers, and dealers regulated by the Thai SEC. Julapun noted that this step will help make the country more competitive in the growing global digital economy.
Transparency in the Crypto Industry
The new tax policy aims not only to help traders save money but also to create a safe trading environment for cryptocurrencies. The Thai government is following anti-money laundering (AML) policies recommended by the Financial Action Task Force (FATF). There are also plans to implement an international system designed to share cryptocurrency data across borders.
Cryptocurrency for Fundraising and Tourism
The Deputy Minister highlighted that cryptocurrencies could significantly assist in fundraising for startups and important projects. Additionally, the Ministry of Finance in Thailand is considering allowing tourists to use cryptocurrencies for payments in the country, expanding the potential uses for digital assets.
The introduction of a five-year tax exemption on cryptocurrency is a significant step towards digital growth and innovation in Thailand. The government aims to create clear regulations and promote licensed platforms to achieve its goal of becoming a digital asset hub in Asia.
