news 
Thailand Approves Five-Year Crypto Tax Waiver for Licensed Platforms Only
In a significant move to boost its financial infrastructure and align digital asset activity with local rules, the Thai government has approved a five-year crypto tax exemption for income earned from digital asset sales through licensed platforms only. The waiver is set to begin on January 1, 2025, and conclude on December 31, 2029.
The exemption applies solely to users trading through cryptocurrency service providers that have been registered with the Thai Securities and Exchange Commission (SEC). This means that individuals who use unregistered exchanges will not be eligible for the tax waiver. The Ministry of Finance has emphasized that the initiative is designed to improve Thailand’s financial infrastructure and align digital asset activity with local rules, while also supporting national anti-money laundering policies and complying with Financial Action Task Force guidelines.
The Thai government believes this measure will make the country a hub for digital finance and law-compliant crypto trading. The Deputy Finance Minister, Julapun Amornvivat, has stated that the initiative would help to promote fundraising through digital assets and reflect a broader effort to regulate financial innovation under clear laws.
Furthermore, the Ministry of Finance projects that this exemption could support the local economy by generating at least 1 billion baht ($30.7 million) in tax revenue by the end of the five-year term, as indicated by their medium-term economic forecast.
In related news, the Thai SEC has announced plans to block five global exchanges – Bybit, OKX, CoinEx, XT.COM, and another unnamed entity – that have been operating in Thailand without proper licenses. This enforcement action is a reflection of the agency’s commitment to protecting users and requiring legal compliance for all trading platforms.
On the other hand, KuCoin has gained approval and launched its Thai subsidiary on June 14, allowing it to operate under Thai law and offer regulated services.
Source: coinchapter.com
