Thailand woos crypto companies with tax waiver

Thailand‘s Cabinet approved a tax waiver for cryptocurrency firms yesterday. The Cabinet decided that companies raising funds by issuing digital tokens for investment are exempt from paying corporate income tax and value-added tax (VAT), according to a government spokesperson.

Once the new tax waiver is implemented, crypto companies can issue investment tokens in Thailand without any tax on primary or secondary sales.

Analysts predict that the new tax waiver will cost Thailand more than US$1 billion (35 billion baht) in taxes within the next two years, resulting in approximately US$3.7 billion in initial coin offerings.

As more and more people start investing in cryptocurrencies like Ethereum, Bitcoin, etc., Thailand has made continual moves to regulate crypto, showing more interest than other nations. But the ruling elite has given mixed signals about their support of the…