Thailand has expanded its value-added tax exemption for cryptocurrency transactions to develop into a digital asset hub, local media reported.
bangkok post reported The Treasury on Wednesday relaxed the rules by suspending the requirement to pay 7% value-added tax on profits from cryptocurrency trading. According to the report, the duty-free period took effect from January 1, 2024, with no expiration date.
The VAT exemption for cryptocurrency transactions also applies to brokers and dealers regulated by the Securities and Exchange Commission.
The Treasury Department did not immediately respond to The Block’s request for further comment.
Thailand has attracted some global cryptocurrency exchanges such as Binance to set up shop in the country. Last month, Binance announced: Gulf Binance (joint venture between Binance and Thailand’s Gulf Innova) Cryptocurrency exchange service launched for the general public Afterwards in Thailand Invite-only test November.
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