Thailand Exempts VAT on Digital Asset Trading, Sparking Crypto Boom

Thailand's Finance Ministry has abolished value-added tax (VAT) on digital asset trading, a move that aims to position the country as a regional powerhouse in the digital asset landscape. The exemption, effective from January 1, 2024, extends beyond authorized digital asset exchanges to include brokers and dealers regulated by the Securities and Exchange Commission. The move is expected to catalyze growth within the digital asset industry and provide a much-needed impetus to Thailand's digital economy aspirations. However, regulatory stability remains paramount amid the pursuit of economic development, and striking a balance between innovation and regulatory safeguards will be crucial to sustainably harnessing the potential of Thailand's digital asset market.