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Home»ADOPTION NEWS»Thailand exempts cryptocurrency profits from VAT: Report
ADOPTION NEWS

Thailand exempts cryptocurrency profits from VAT: Report

By Crypto FlexsFebruary 7, 20242 Mins Read
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Thailand exempts cryptocurrency profits from VAT: Report
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Taxes • February 7, 2024 4:47 AM EST

Posted 1 minute ago In ~

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.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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