Thailand Abolishes VAT for Cryptocurrency Trading

Thailand’s Ministry of Finance has announced the removal of value-added tax (VAT) on cryptocurrency trading, reports the Bangkok Post.

The ministry aims to transform the country into a hub for digital assets and promote them as an alternative tool for capital attraction.

The authorities also expect that this decision will support the growth of the crypto industry in Thailand and boost the digital economy in the near future.

The VAT exemption took effect on January 1, 2024. This measure was introduced for authorized crypto exchanges in 2023 and now extends to brokers and dealers registered with the Securities and Exchange Commission.

The Ministry of Finance believes that the new tax policy will ensure further expansion of the digital asset market in the country.

However, the ministry noted that the government must consider financial stability while leveraging the sector’s development potential.

In January, Binance launched full-scale operations of its trading and brokerage platform in Thailand.