Measures Aimed at Becoming a Digital Financial Hub... Strengthening Blockade of Unauthorized Overseas Exchanges
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The Thai Ministry of Finance stated that the purpose of the capital gains tax exemption is to make Thailand a global digital financial hub. Locally, it is interpreted as a policy intention to establish a clear tax basis for the cryptocurrency industry and attract funds to domestic licensed exchanges.
The Thai government has also recently strengthened crackdowns on unauthorized overseas cryptocurrency exchanges. The SEC has blocked access to five global exchanges - Bybit, OKX, CoinEx, and xtdot.com - on suspicion of recruiting Thai residents without local authorization.
In contrast, the global exchange KuCoin recently acquired a Thai license and began local operations, and Tether has listed on the Thai exchange Maxbit, launching a tokenized gold-based cryptocurrency.
With this tax benefit, Thailand aims to establish investor protection, exchange usage order, and an institutional basis compliant with the International Financial Action Task Force (FATF) standards.
Internationally, Singapore, Malaysia, and the United Arab Emirates also do not levy capital gains tax on cryptocurrencies like BTC. Offshore jurisdictions such as the Cayman Islands, British Virgin Islands, Vanuatu, and the Bahamas are also classified as tax-free areas. Germany and Portugal do not tax cryptocurrencies held for a certain period.
In contrast, Brazil recently ended its tax exemption and decided to apply a flat rate of 17.5% on cryptocurrency profits. Thailand's measure was announced just days after Vietnam enacted cryptocurrency legislation in Southeast Asia.
Reporter Jung Ha-yeon yomwork8824@gmail.com
