Thailand extends VAT exemption for cryptocurrency transfers through the end of 2023

The Thai government has exempted transfers of digital assets involving licensed cryptocurrency exchanges from value-added tax. The rule will be in effect through the end of 2023, according to Bangkok Post.

The new decree adds to the March decision not to levy VAT on cryptocurrency transactions. The concession also expires at the end of next year.

In February, Thai authorities scrapped the 15% income tax on digital-asset transactions.

Akaradet Diavpanich, CEO of Cryptomind Group Holdings, suggested that the measure is aimed at supporting the use of CBDC in the future. He doubted that it would affect investments in digital assets, arguing that what matters more to crypto investors is relief from income tax.

In April 2022, businesses in Thailand were advised to stop accepting payments in digital assets.

In June 2021, SEC задумалась о регулировании DeFi-сектора.

Prior to that, the central bank announced the introduction of rules regarding stablecoins backed by foreign currencies, assets, and also algorithmic «stablecoins».

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