Thailand has approved exempting cryptocurrency sales from tax for five years, until 2029, provided they are made through authorized crypto asset service providers.

This was announced by the country’s Deputy Finance Minister, Julapun Amornvivat, who noted that the measure seeks to “strengthen Thailand’s position as a global financial center and one of the first countries to adopt laws on digital assets and their taxation.”

He also emphasized that this decision seeks to promote digital currency trading under the supervision of the Thai Securities and Exchange Commission (SEC), in compliance with the “anti-money laundering (AML) policies recommended by the Financial Action Task Force (FATF).”

The Ministry of Finance expects crypto assets to contribute to the expansion of the national economy and increase tax revenues in the medium term “by no less than 1 billion baht,” approximately $30.7 million.

M.Pino

Source: cointelegraph

(Reference image source: Shubham Dhage on Unsplash)

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La entrada Cryptocurrency sales in Thailand to receive five-year tax exemption apareció primero en Bitfinance.