Thailand to Grant Tax Exemptions to Crypto Sector, as the Country Aims to Become a Crypto Heaven
One of Asia’s largest economies, Thailand aims to make the country crypto friendly.
Recently released minutes of the country’s finance cabinet meeting illustrates that the government of Thailand is aiming to come up with policies that facilitate crypto.
Specifically, a decision has been made to provide the crypto sector with targeted tax exemptions.
Tax exemptions are expected to bore many benefits to the country’s economy, directly through the development of the nascent crypto sector and indirectly through the growth of tourism. Tax exemptions will be provided to people trading in crypto via state approved digital assets exchanges.
A statement from country’s finance minister Arkhom Termpittayapaisith and deputy finance minister Santi Prompat noted that the policy will enable Thai investors to trade on reliable crypto exchanges, as they are regulated under the country’s SEC and other relevant agencies. The policy will also help the country build a future payment infrastructure ready for the digital economy.
Policy further extends to providing assistance to crypto startups, directly or through VCs. If an investor invests in a startup for 2 year he/should get tax exemptions for up to 10 years. Minutes explained:
“This(policy) would strengthen domestic investment. This will enable the economy to expand sustainably and enhance the country’s competitiveness.”
Lately, throughout the last year or so crypto is expanding in Thailand at an exponential rate. Data shows crypto trading accounts in the country soared month-on-month as of September 2021 by 27.6%. Thailand has active trading accounts 10 times the US’s. Moreover, transaction volume in the country skyrocketed by 600% in the period between November 2020 to April 2021.
The recent growth of crypto in the country is obviously a result of country’s crypto-friendly policies.