Thailand’s government has legally waived VAT for payments made in cryptocurrency via government-approved exchanges. On Tuesday, May 24, 2022, a decree was issued in the Royal Gazette, revealing this information.

According to the ordinance, the tax savings will be implemented retrospectively from April 1, 2022, to December 31, 2023, which also covers digital money issued by the Bank of Thailand.

As a result, investors who transfer cryptocurrencies and digital tokens via approved exchanges in Thailand would be excluded from paying VAT on such transactions by 7 percent.

Thailand’s Finance Minister, Arkom Termpittayapaisit, thinks the new tax laws would make bitcoin exchanges in Thailand more dependable and stable.

This would push Thailand to develop infrastructure and payment systems that are ready for the digital economy of the future.

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Cryptocurrency trading would be easier for investors, according to Ekniti Nititthanprapas, director-general of the Revenue Department, since they would benefit from fair tax treatment and secure transactions.

Thailand’s Security and Exchange Commission (SEC) announced intentions to restrict the use of cryptocurrency as a form of payment on March 23, 2022, citing money laundering concerns and the central bank’s incapacity to intervene. The Thai Securities and Exchange Commission, on the other hand, clarified that the restriction was not on crypto trading but rather on the use of cryptocurrency for payments.

As per the official report, the most recent development promising tax relief was to encourage bitcoin trading on recognized exchanges, which would enable relevant authorities such as the SEC to conduct regulatory inspections and adequate oversight of digital currency transactions.

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