Thailand has extended value-added tax exemptions for virtual currency transactions in a bid to develop the country into a digital asset hub, according to local media.
bangkok post report The Ministry of Finance announced on Wednesday that it has relaxed rules by suspending the obligation to pay 7% value-added tax on profits from virtual currency trading. According to the report, the tax exemption period took effect from January 1, 2024, with no expiration date.
The VAT exemption for virtual currency transactions also applies to brokers and dealers regulated by the Securities and Exchange Commission.
The Treasury Department did not immediately respond to The Block's request for further comment.
Thailand has attracted several global cryptocurrency exchanges, such as Binance, to set up shop in the country. Last month, Binance announced: Gulf Binance — a joint venture between Binance and Thailand’s Gulf Innova — Started virtual currency exchange service for the general public in thailand Invite-only test in November.
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