Thailand exempts VAT on all domestic crypto trades effective Jan 1, 2024.
Thailand's government announced tax exemptions on crypto asset trading.
The Thai Finance Ministry confirmed that value-added tax (VAT) on all domestic digital asset transactions will be removed effective Jan 1, 2024. The 7% VAT had previously applied to regulated crypto exchanges, brokers and traders supervised by the Securities and Exchange Commission (SEC).
The tax repeal comes as the ministry is focused on amending security laws to categorize digital tokens as investment securities. More reforms are expected this year to streamline crypto regulations in the country.
While fostering crypto innovation at home, Thailand risks alienating foreign traders with ambiguous income tax policies. A September order will tax all overseas crypto profits brought into Thailand in 2024, but details remain unclear. Strict digital ID requirements have also blocked non-residents from accessing Thai crypto platforms.
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