Thailand🇹🇭 has introduced VAT-free crypto trading

Thailand🇹🇭 has introduced VAT-free crypto trading

The aim is to create a hub for digital assets that attracts businesses and investors from around the world.

➡️ VAT in Thailand is 7%. Income from cryptocurrencies has been exempted since January 1 of this year, and the transfer of digital investment tokens to a third party is exempt as of May 14, 2023. Previously, the tax exemption only applied to exchanges, but now it extends to brokers and dealers.

➡️ Oversight is still under the Securities and Exchange Commission (SEC). The regulator is in the process of amending the Securities and Exchange Act of 2019, allowing digital investment tokens to remain securities and creating a more regulated and secure environment for investors.

➡️ Previously, retail investors could only invest up to 300,000 baht (8,377.92 USD) per offer; now this limit has been removed.

➡️ The commission has also considered the criteria for creating custodial wallet providers, allowing them to offer services to digital asset business operators🎉.

➡️ The downside: The SEC has made it clear that it will not allow the trading of Bitcoin exchange-traded funds (ETFs) in the country.

#Asia #news #crypto