Thailand‘s Finance Ministry has exempted crypto investors from paying taxes on the sale of digital assets for the next five years, from January 1, 2025 to December 31, 2029.
Finance Minister Julapun Amornvivat said the move was intended to strengthen Thailand’s position as a global financial centre and one of the first countries to pass laws on digital assets and their taxation.
The ministry estimates that crypto assets will help the Thai economy expand and increase tax revenues by at least 1 billion baht, or $30,7 million, in the medium term.
The news comes shortly after Thailand’s Securities and Exchange Commission announced in late May that it had decided to block five global cryptocurrency exchanges, including bybit, OK, CoinEx, XT.COM and bybitAccording to the regulator, these sites were operating without valid local licenses.
At the same time, other cryptocurrency companies such as KuCoin и Tether, are expanding their presence in Thailand. So, last Friday KuCoin launched a fully regulated domestic subsidiary after receiving a license from the Securities and Exchange Commission. In mid-May Tether has started issuing a tokenized digital asset with listing on the local trading platform Maxbit.
