Recently, the finance cabinet of Thailand held a private meeting. The minutes of the said meeting was released later on for the benefit and information of the public. The minutes of the meeting revealed the intention of the Ministry of Finance to introduce and implement cryptocurrency tax-friendly laws in the region. The FM also shared his vision for making room for further growth and development of the cryptocurrency regulations in the region.
Thailand’s main source of national income generation is the tourism industry. The government of Thailand has already introduced regulations for cryptocurrency flow in the country keeping in view the increasing popularity among investors. However, the policies bound the crypto traders with stringent laws.
New Policies will Make Room for Cryptocurrencies
Arkhom Termipittayapaisith and Santi Prompat are FM and deputy FM of Thailand. Commenting on the matter, the elected officials claimed that the recent changes in taxation policies will make room on the main exchange market for digital asset trading. They also claimed that since the digital assets are now operating under the supervision of the SEC and other financial regulatory agencies investors can mitigate risk factors.
The FM also claimed that the government is working on introducing a blockchain-based localized financial payment system for the country. An important aspect of the latest cryptocurrency taxation relief is an exemption of VAT implementation on digital assets that are hosted on regulated exchange platforms.
The good news for the cryptocurrency corporations who want to make a start in Thailand is that they can benefit from the latest tax relaxation policies of the government. FM claimed that local investors and startups will be encouraged with this development and increase the compatibility quotient of Thailand in the global community.
Since September last year, the digital asset wallets have increased by 27.6% in Thailand. The number is visibly greater in comparison to the growth rate of stock trading accounts in the region. However, since June 2021, the Securities and Exchange Commission of Thailand has imposed a ban on meme coins and NFTs. After doing some research on the cryptocurrency market and collecting feedback from the local stakeholders the government decided to withhold a 15% tax imposition.