The Thai government has decided to offer tax breaks on profits from cryptocurrency transactions to stimulate investment and the digital economy's growth.
How Will the Tax Break Work?
The tax breaks will be valid from January 1, 2025, to December 31, 2029, and will apply solely to transactions on licensed platforms. Deputy Finance Minister Julapun Amornvivat clarified that this measure aims to enhance the country’s competitiveness in the global cryptocurrency market.
Conditions for Eligibility
To be eligible for tax exemptions, transactions must be conducted on platforms approved by Thailand’s Securities and Exchange Commission. Transactions on unlicensed venues will not qualify for the exemption. This restriction aims to prevent capital flight and encourage trust in regulated services.
Strategy for Crypto Economic Development
Thailand aims to become a hub for blockchain technology and digital assets. The government's regulatory framework and tax incentives foster a stable yet progressive digital asset market. In 2024, Thailand approved its first investment fund targeting institutional investors for Bitcoin investments, further strengthening its position in the crypto industry.
With the introduction of tax breaks and other initiatives, Thailand expects to attract significant investments into its digital economy and establish a prominent role in the global cryptocurrency market.
