Thailand’s finance ministry has loosened regulations around crypto tax in order to foster investment in the country’s digital asset market.
According to Coin Telegraph, the changes to the tax regulations come just a few weeks after the government scrapped its early plans of introducing a 15% tax on crypto gains. The new tax policy, Reuters underlined, exempts crypto traders from the 7% VAT on authorised exchanges.
The new policy would also enable traders to offset their annual losses against gains for their crypto investment, with the policy set to come into effect from next month and last until December next year.
Coin Telegraph highlighted that the new policy promises to offer tax exemptions of up to 10 years for investors who invest for at least two years in crypto startups in the country.
The Thai finance minister Arkhom Termpittayapaisith said that the tax policies had been developed to promote the digital asset market in the country. Thailand has recently grown to be one of the most attractive crypto destinations on the Asian continent, mostly thanks to the government’s crypto-centered regulations and ability to work on feedback from internal stakeholders in the crypto market.
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