Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.
Thailand is relaxing tax rules for crypto trading until the end of 2023 in order to boost the industry, the country's finance minister said at a cabinet meeting on Tuesday.
- Starting April 1, trades of digital assets on government-approved exchanges will be exempt from a 7% value-added-tax (VAT), said the minister, Arkhom Termpittayapaisith, according to the meeting minutes posted on the government's website. Transfers involving Thailand's retail central bank digital currency will also be exempt from the VAT over the same time period, he said.
- Traders will also be able to deduct losses from crypto trading from taxes due on gains, the minister said.
- A draft decree of the new tax exemptions has been proposed under Thailand's Revenue Code, said Ekniti Nitithanpraphas, general director of the finance ministry's revenue department, according to the meeting minutes. The draft aims to increase the competitiveness of the industry and develop payment system infrastructure that is ready for the digital economy, he said.
- Crypto trading has been growing over the past year in the second-largest Southeast Asian economy, with the number of new crypto investors reportedly outpacing new stock market traders in September.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.
Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/ZKO2ZUSY35BAHCO5EE77X5TCYE.jpg )
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/KEBE5AIKYBANTI6EGT66YRNKFY.jpg )
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/KSGCZKNFSRDTDJNDUQVP7PG4E4.jpg )
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/BPD3SSSPHBGBRKFLGHV54GH3VA.jpg )