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A new move has come from Thailand, which is known for its moderate approach to cryptocurrencies such as Bitcoin (BTC).
While tax exemptions are important for newly developing sectors such as the crypto industry, Thailand has decided to make a new tax exemption for cryptocurrencies.
According to local news agency Bangkok Post, Thailand's Ministry of Finance announced that digital asset transactions will be exempt from value added tax in order to encourage Thailand to become a digital asset hub.
While it was stated that the tax exemption is valid as of January 1, 2024, no statement was made regarding the date when the exemption will end.
It was stated that the VAT exemption on crypto trading also covers brokers and dealers regulated by the Securities and Exchange Commission of Thailand.
Thailand is taking important steps towards cryptocurrency tax exemption. In his statement last year, Thai Finance Minister Arkhom Termpittayapaisith announced that tax exemptions were approved for cryptocurrency companies offering investment tokens in the country.
The minister also announced that investors investing in token sales will be exempt from the value added tax for crypto.
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*This is not investment advice.