Bangkok, Thailand - On Tuesday, Thailand's Cabinet approved a significant tax exemption for crypto capital gains, aiming to become a global digital asset hub. This move could potentially boost Thailand's crypto holdings to $1 trillion by 2030, according to expert projections.
The exemption, effective from January 1, 2025, to December 31, 2029, waives personal income taxes on crypto sales conducted through licensed providers. Deputy Finance Minister Julapun Amornvivat highlighted the government's goal to establish Thailand as a leading financial hub. This initiative seeks to attract international crypto businesses and investors.
Thailand's crypto holders currently control the second-highest concentration of digital assets in Southeast Asia. Industry experts estimate that Thailand's crypto holders are holding $180 billion. However, platform access restrictions may limit foreign participation, as eligibility can fluctuate based on regulatory oversight.