The Thai government will exempt the traders from paying a 15%tax on capital growth in the sale of cryptocurrencies through local licensed exchanges. The relief will be valid from January 1, 2025 to December 31, 2029.

The Deputy Minister of Finance Thailand, Julapun Amornvivat, said that this step should encourage Thai residents to trade cryptocurrencies on local exchanges, regulated by the Thailand securities and exchanges commission, and not on offshore platforms. The government initiative is aimed at increasing investment and increasing the country’s economic activity. This will allow Thailand to become one of the world’s largest financial centers, where there are conditions for the development of cryptocurrencies.

Amornvivat said that now Thailand’s tax service is working on the implementation of the reporting system of crypto assets (CARF), which allows to automatically exchange information about digital assets at the international level. The system should increase the transparency of transactions with cryptocurrencies.

Thailand is not the first country that offered to crypto -investors tax benefits. In several offshore jurisdictions, including the Kaymanov Islands, the British Virgin Islands, Vanuatu and the Bahamas, there is no tax on capital from the sale of cryptocurrencies. Singapore, Malaysia and the United Arab Emirates also do not charge this tax from individual investors.

Thai SEC strictly refers to unlicensed offshore crypto -rhms. Recently, the regulator announced an ambulance from five cryptocurrency platforms: Bybit, OkX, Coinex, Xt.com and Bybit. The department claims that they served traders from Thailand, without a necessary license for this. Kucoin crypto -rope, on the contrary, expands his business in Thailand. In April, the site launched a subsidiary of Kucoin Thailand in the country.