The Thai government has exempted transfers of digital assets involving licensed cryptocurrency exchanges from value-added tax. The rule will remain in effect until the end of 2023.
The new ruling is in addition to the decision made in March not to charge VAT on cryptotransactions. That exemption also expires at the end of next year.
In February, Thai authorities waived the requirement to pay 15% income tax on digital asset transactions.
Cryptomind Group Holdings CEO Akaradeth Diawpanich conceded that the measure is intended to support CBDC use in the future. He questioned whether it would have an impact on investments in digital assets, as the income tax exemption is more important to crypto investors.