Thailand Government Write Off Taxes on Digital Asset Trading

Thailand, the popular tourist designation, is constantly amending its set of rules to lure more and more tourists to the nation. Most recently, the Thai government announced the exemption of all value-added taxes on the trading of all digital assets; the move is motivated by the nation’s aim to become a crypto hub in Asia. 

As per the clarification of Thailand’s finance ministry, the exemption is effective from January 1, 2024, and has no expiration date. Before the revision of VAT charges, the tax slab rate was 7%.

The nation is working to ease and reframe its set of rules and regulations as several reports claim that Thailand is turning into a crypto hub. 

In January 2024, Thailand’s Securities and Exchange Commission lifted the 300k baht investment cap for retail investors in the digital token backed by real estate or infrastructure. 

While talking to media outlets, Paopoom Rojanasakul quotes that the primary aim of the government is to promote digital assets as a new fundraising alternative and boost the country’s digital economy. 

Related News 

A regional media outlet in Thailand claims that the country’s SEC has filed charges against the former chief executive officer of Zipmex; the commission accused him of corruption and deception. 

During his tenure as CEO of Zipmex, he was found to be indulged in fraudulent activities, including making false statements and concealing vital information from the public.

The SEC said, “Therefore, it is considered that Zipmex Thailand has committed fraud by presenting false statements and concealing the truth which should be told to customers.” 

Crypto Market Update 

In the past 24 hours, the capitalization of the entire crypto market surged more than 4%, and when writing, it was $1.78 Trillion. The market leader, Bitcoin, grew over 5% and is trading at $47,171. Its market capitalization has risen 4.64%, and a whooping growth of 30.12% is observed intraday. 

Ethereum, the second most popular and talked about token in the market, is on a steady uptrend, and market observers claim that the surge is backed by the ongoing hype of Ether spot ETF (Exchange Traded Fund). 

THORChain became the topper of the intraday gainers list as its price grew over 13% and is trading at $5.42. Notably, the trading volume of the entire crypto market grew by more than 19%. 

Solana is showing magical growth as it crossed the much-awaited resistance of $100 and is trading at $104.81; the whooping backs the token to reacquire the fifth position in the market. 

A different report from Statica says that the revenue from the crypto market is expected to grow at a pace of 8.62% annually and is expected to reach $71.7 Billion by 2028. The industry’s user base will suppress the 992 Million by 2028.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.