VAT exemption for crypto transactions enters into force in Thailand.
Authorities in Thailand have formally introduced a value-added tax exemption for transfers of cryptocurrencies through government-approved exchanges. The tax break, in force until the end of next year, will also apply to digital currency issued by the Bank of Thailand.Investors moving cryptocurrencies and digital tokens through exchanges in Thailand will benefit from a 7% VAT exemption on such transactions.
According to the document, the main purpose of the tax relief is to promote cryptocurrency trade on authorized exchanges, allowing crypto transactions to be regulated and carried out under the supervision of relevant departments like the Securities and Exchange Commission . This would encourage Thailand to have an infrastructure and payment system that would be ready for the future digital economy.