Royal decree on trading of cryptocurrency and digital tokens being exempt from VAT
On 24 September 2024, Royal Decree No. 788, which introduces significant enhancements and extensions related to VAT applied to cryptocurrency and digital token transactions in Thailand, was published in the Royal Gazette.
This decree broadens the scope of exemptions from VAT, specifically for transactions involving cryptocurrencies and digital tokens made through digital asset exchanges. In addition, these exemptions include transactions conducted through licensed brokers and dealers who operate under the oversight of the Office of the Securities and Exchange Commission. These exemptions from VAT will be effective retroactively from 1 January 2024, and will continue indefinitely. This represents a pivotal advancement in the regulatory and tax landscape for digital assets in Thailand, demonstrating the government’s commitment to fostering the growth of the cryptocurrency and digital asset industry while ensuring a clear and structured tax environment.
Reference (in Thai):
• Royal Decree No. 788. Retrieved from Revenue Department of Thailand
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