The government of Thailand has decided to lessen the previously imposed 15% VAT on crypto exchange transactions.
Based on a report by Reuters, Arkhom Termpittayapaisith, who is the Finance Minister of Thailand, announced new rules on taxes related to cryptocurrency transactions and investments.
According to him, the Cabinet of Thailand has agreed to exempt investors and traders from 7% VAT tax from April of 2022 to December of 2023. This includes trading on authorized cryptocurrency exchanges, and, considering the current fluctuations in the market, the tax exemptions will certainly retain more investors who will now be less worried about their losses.
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Likewise, Termpittayapaisith confirmed that the cabinet has agreed on exempt taxes for customers who invest in startups, and will need to have invested into them for at least two years. Investors eligible for the tax break will be able to use it until June of 2032.
With Thailand slightly pulling back on its crypto regulatory measures, Singapore has become one of the best countries in Southeast Asia for blockchain startups. In fact, some claim that it is currently the global crypto hub, with investments into Singapore’s crypto industry surging in 2021, reaching a total value of $4B.