Bitcoin (BTC) like to cryptocurrencies A new move came from Thailand, which is known for its moderate approach.
While tax exemptions are important for emerging industries such as the crypto sector, Thailandannounced a tax exemption for crypto.
According to Reuters, the Thai government said it has introduced cryptocurrency tax exemptions for companies that issue investment tokens.
commenting on this Thai Finance Minister Arkhom Termpittayapaisithannounced that the Thai cabinet has approved tax exemptions for cryptocurrency companies offering investment tokens in the country.
This tax exemption means the government forgoes revenue of up to Baht 35 billion, or $1 billion, over the next two years.
Apart from this tax exemption, it was stated that investors investing in token sales will also be exempted from the value added tax charged for crypto.
Cryptocurrencies have gained popularity in the country in recent years after the Thai Securities Exchange Commission’s regulatory work on cryptoassets.
In this context, the government last year relaxed tax rules on crypto trading to support crypto industry development.
However, the central bank and other regulators have banned the use of digital assets as a means of payment, saying it could adversely affect the country’s financial stability and the overall economy.
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