2024-02-11 12:33:29
Recently, in connection with the significant rise in the price of bitcoin, we already wrote regarding how one of the important factors in starting the price increase was a decision in Thailand. The Thai Ministry of Finance previously announcedto abolish the tax previously applied to the trade of digital devices. This exemption, which took effect on January 1, 2024, covers regulated brokers, dealers and licensed crypto exchanges. You don’t have to be an insider to understand the intent.
Thailand wants to be an important destination for crypto investors
The goal of the decision is for Thailand to become a regional center for digital devices. According to a report, the Bangkok government is confident that the decision will boost the country’s digital economy. Paopoom Rojanasakul, Secretary of the Thai Ministry of Finance, also revealed that the ministry is interested in using digital tools as an alternative fundraising mechanism. The tax exemption, which has no expiration date, reportedly took effect on January 1, 2024. In addition to the VAT exemption, the ministry also abolished the 7% tax on income from crypto trading. There was already a tax exemption on crypto trading, but this was only applicable to regulated crypto exchanges.
Meanwhile, it was revealed that both the Ministry of Finance and Thailand’s Securities and Exchange Commission (SEC) are working on amendments to the 2019 Securities and Exchange Act. This amendment will allow digital investment instruments to be treated in the same way as securities. There is no question that the Far Eastern country has become one of the leading destinations for offshore investors. However, the crypto market continues to face challenges. To address these issues, Rojanasakul called on the government to consider the stability of the financial system when trying to harness the development potential of digital assets.
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