coinspress.com
Thailand has recently implemented measures aimed at fostering its position as a hub for digital assets, as per reports from local media outlets.
According to a report by the Bangkok Post, the Ministry of Finance has made adjustments to regulations, notably by waiving the 7% value-added tax typically applied to profits from cryptocurrency trading.
This tax exemption, which came into effect on January 1, 2024, does not have a specified end date, providing traders with ongoing relief from VAT obligations.
Furthermore, this exemption encompasses brokers and dealers under the supervision of the Securities and Exchange Commission, extending its benefits across the industry.
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Thailand has been successful in attracting global cryptocurrency exchanges like Binance to establish operations within its borders.
Notably, Binance, in collaboration with Thailand’s Gulf Innova, launched crypto exchange services to the public in Thailand last month, following a preliminary invite-only trial in November.