Thailand Exempts Cryptocurrencies from Value-Added Tax!

Thailand continues its positive approach to cryptocurrencies by exempting digital asset transactions from value-added tax (VAT). According to the Bangkok Post, this tax exemption, which will take effect on January 1, 2024, does not yet have an expiration date. The decision, which also covers brokers and dealers operating in crypto trading, reflects the country’s supportive policy towards cryptocurrencies.

Last year, Thai Finance Minister Arkhom Termpittayapaisith announced that in addition to the tax exemption for crypto companies, individuals who invest in token sales offered by companies offering investment tokens would also be exempt from VAT on cryptocurrencies.

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This tax exemption is seen as part of Thailand’s efforts to promote cryptocurrencies and strengthen its digital economy. Thailand’s role in the crypto world is expected to grow further.