Tech

Thailand approves relaxed tax rules for digital assets

FILE PHOTO: A rendering of the virtual cryptocurrency Bitcoin
FILE PHOTO: A representation of the virtual cryptocurrency Bitcoin is seen in this illustration taken on October 19, 2021. REUTERS/Edgar Su

March 8, 2022

BANGKOK (Reuters) – Thailand’s cabinet on Tuesday eased tax rules on investments in digital assets in a bid to boost and develop the industry following a surge in cryptocurrency trading in Southeast Asia’s second-largest economy.

The rules, in line with a previous announcement, will allow traders to offset annual losses with tax gains from cryptocurrency investments and exempt a 7% VAT on cryptocurrency trading on authorized exchanges, Finance Minister Arkhom Termpittayapaisith told the press conference.

The tax exemption, which will run from April 2022 to December 2023, will also cover retail central bank digital currency trading to be issued by the central bank, he said.

Digital assets have grown rapidly in Thailand over the past year, with trading accounts soaring from just 170,000 earlier in the year to about 2 million by the end of 2021, a ministry official said in January.

Bitcoin is the most popular cryptocurrency in Thailand.

The cabinet also approved tax breaks for direct and indirect investments in startups, Arkhom said. Investors investing in startups for at least two years will be offered the 10-year tax break through June 2032.

($1 = 33.1800 baht)

(Reporting by Orathai Sriring, Kitiphong Thaichareon, Satawasin Staporncharnchai and Panarat Thepgumpanat; Editing by Kanupriya Kapoor)

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Emma Bowman

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