Thailand’s lawmakers have relaxed tax rules for investments in digital assets to help promote and develop the industry following a surge in cryptocurrency trading.
Finance Minister Arkhom Termpittayapaisith indicated in a press conference that the rules will allow traders of digital assets to offset losses against gains for taxes due on cryptocurrency investments, as well as exempt cryptocurrency trading on authorized exchanges from a value-added tax of 7%.
He said the tax exemption will also apply to retail central bank digital currency issued by the central bank from April 2022 to December 2023.
According to a ministry official in January, digital assets have exploded in Thailand over the past year, with trading accounts soaring to 2 million by 2021 from just 170,000 earlier that year.
In Thailand, Bitcoin is the most popular cryptocurrency.
Tax breaks were also approved for direct and indirect investments in startups, Arkhom said. Startup investors who invest at least two years in the startups will qualify for the tax break for 10 years until June 2032.
