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Thailand Approves Five-Year Crypto Tax Waiver for Licensed Platforms Only
In a move aimed at improving the country’s financial infrastructure and aligning digital asset activity with local rules, Thailand has approved a five-year crypto tax exemption for income earned from digital asset sales through licensed platforms. The waiver will commence on January 1, 2025, and terminate on December 31, 2029.
As per the Ministry of Finance statement, only users trading through crypto service providers registered with the Thai Securities and Exchange Commission (SEC) will qualify for this tax exemption. This means that individuals who trade cryptocurrencies through unregistered exchanges are not eligible for the waiver.
The goal behind this measure is to create a more favorable environment for digital asset activity in Thailand, which in turn aims to boost the country’s financial infrastructure. The government emphasizes that this decision aligns with local anti-money laundering (AML) policies and complies with Financial Action Task Force (FATF) guidelines.
Thai Deputy Finance Minister Julapun Amornvivat emphasized that the tax exemption does not apply to unregistered exchanges, stating that only licensed platforms will be included in the waiver. He noted that this initiative aims to make Thailand a hub for digital finance and law-compliant crypto trading. This move also highlights a broader effort by the government to regulate financial innovation under clear laws.
It is expected that the exemption could support the local economy, with projections indicating that the crypto sector could bring in no less than 1 billion baht (approximately $30.7 million) in tax revenue by the end of the five-year term, based on medium-term economic forecasts.
This development follows an earlier plan announced on May 26, where the ministry stated it would explore allowing crypto payments for tourists. This proposal is part of a broader effort to introduce new crypto-related regulations.
Separately, the Thai SEC has been actively enforcing rules against unlicensed exchanges. On June 28, the agency will block access to five global exchanges: Bybit, OKX, CoinEx, XT.COM, and another unnamed entity. These platforms were reportedly operating in Thailand without proper licenses.
In contrast, other crypto firms have successfully gained approval. KuCoin has secured a Thai SEC crypto license and launched its Thailand subsidiary on June 14. This expansion allows the platform to operate under Thai law and offer regulated services.
Additionally, Tether, the company behind the USDt stablecoin, rolled out its tokenized gold product in Thailand in mid-May. The listing is now available for trading on Maxbit Exchange, a local platform.
Source: coinchapter.com
