The Thai government has decided to facilitate the cryptocurrency tax to investors in order to contribute to the growth of the domestic cryptocurrency and blockchain industry.
According to the statements made by the Minister of Finance Arkom Termpittayapaisith, investors will be able to deduct the losses they experience by buying and selling cryptocurrencies throughout the year, from the profits they have made by trading cryptocurrencies throughout the year, and they will pay taxes on this account.
Those who transact on trading platforms that have a license to operate in Thailand will benefit from a 7 percent reduction in value added tax. The tax cut will be valid between April 2022 and December 2023 and the central bank will including transactions with official digital central bank money Waiting.
The cryptocurrency sector in Thailand, the second largest economy in Southeast Asia, has grown significantly in the past few months.
According to statements made by a ministry official earlier this year, the number of accounts opened to trade cryptocurrencies in the country will increase by the beginning of 2021. 170 thousand at the end of the same year up to 2 million reached.