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**Thailand Waives Taxes for Cryptocurrency Profits Over Five Years**
In a groundbreaking decision, Thailand’s government has approved a personal tax waiver on profits from the sale of cryptocurrencies such as Bitcoin and other digital assets over the next five years. This exemption will be effective until the end of 2029.
According to Julapun Amornvivat, Minister-Plenipotest, this move aims to strengthen Thailand’s position as a global financial hub. Additionally, it seeks to comply with the recommendations made by the Financial Action Task Force (FATF), which advises countries to adopt measures to prevent money laundering and terrorist financing.
The announcement comes just days after Thai authorities banned five major cryptocurrency exchanges, including Bybit and OKX, citing lack of proper licensing in the country. However, it is worth noting that some exchanges, such as KuCoin, have already secured permits to operate in Thailand.
This development may boost the cryptocurrency market in Thailand, as it eliminates the need for individuals to pay taxes on their profits from the sale of digital assets over a five-year period. This could potentially attract more investors and traders to the country’s markets.
The decision is seen as a major milestone in the government’s efforts to promote the adoption of cryptocurrencies and blockchain technology within the region.
Source: www.bitcoinbazis.hu
