Thailand to Boosts Crypto with VAT Exemption

The Thai government has announced several new policies today aimed at establishing the country as a global digital asset hub. 

Effective since January 1, 2024, the Finance Ministry has exempted value-added tax (VAT) on all digital asset trading, including transactions conducted through digital asset exchanges, brokers and dealers regulated by the Securities and Exchange Commission (SEC). 

Speaking at a press conference on February 8, 2024, Finance Ministry secretary Paopoom Rojanasakul said the indefinite VAT exemption will help promote digital assets as an alternative fundraising tool and boost the growth of Thailand’s digital economy. 

The policy changes build on previous moves to encourage digital asset investment in Thailand, which has emerged as a leading jurisdiction for offshore investors. However, Rojanasakul noted the government will seek to balance digital asset development with ongoing efforts to ensure financial system stability. 

With the new tax incentives, Thailand aims to further expand its footprint in the rapidly evolving digital asset sector.

Also read: Thailand Delays $14B Digital Wallet Launch