Cabinet approved! Extend the exemption time for VAT on Trading of Crypto – Digital Asset

Good news for those who love to trade Crypto-Token because the Ministry of Finance announced the exemption time for VAT Trading of Digital Asset (Cryptocurrency) It covers cryptocurrency trading through the Exchange Center, Digital Asset Broker, and Dealer under the supervision of The Office of the Securities and Exchange Commission from January 1, 2024 onwards. “Without an end of term.”

Miss Kullaya Tantitemit, Director General of the Revenue Department

said that the Ministry of Finance, by the Revenue Department, recognizes the equality of Thai digital asset operators. Therefore, they drafted a decree issued following the Revenue Code on VAT exemption (No…) B.E. …. to be exempt from VAT on the following cases from 1 January 2024 onwards.

The transfer of Cryptocurrency or Utility Token in Exchange under the Digital Asset Business Act
The transfer of Cryptocurrency or Utility Token via Broker under the Digital Asset Business Act
The transfer of Cryptocurrency or Utility Token to Dealer under the Digital Asset Business Act
The transfer of Cryptocurrency or Utility Token by Dealer under the Digital Asset Business Act

The VAT exemption for the transfer of Investment Tokens in both the primary and secondary markets has been implemented permanently by the Royal Decree which is issued under the Revenue Code (No. 779)B.E. 2566, effective from May 14, 2018 onwards.

The Director General of the Revenue Department

also stated that this Measure will facilitate the Digital Asset inventors in Thailand. In addition, it will also promote the competition as a Digital Asset Hub, which will result in higher revenues.

aled that the time extension on the exemption for VAT on Transfer of Cryptocurrency – Digital Asset affected the government to lose the revenue of about 70 million per year.

However, the benefits that we will get in return is the support of the digital economy. There will be more trading and will draw the attention of domestic and international investors to invest more in Digital Asset.

Nonetheless, the Finance Ministry said it will soon discuss with Mr. Jirayus Sapsrisopa, the executive of Bitkub Capital Group Holdings Co., Ltd., a digital coin trading platform, to push digital tokens to have the same characteristics as securities, which is currently in discussion with the Office of The Securities and Exchange Commission (SEC).

In addition, he would like to ask what kinds of support policies these markets need from the government, which has been discussed for some time now, but now he intends to continue supporting them more seriously.