Thailand Cuts Crypto Taxes to Attract Global Investors

Thailand is taking bold steps to lead the global crypto market by officially approving tax exemption on profits made from digital assets. The move is part of a larger plan to turn the country into a major financial and digital asset hub, rivaling destinations like Dubai and Singapore.

The Ministry of Finance announced the tax exemption on June 17, which will waive personal income tax on capital gains from crypto sales conducted through licensed digital asset platforms. The exemption will run from January 1, 2025 to December 31, 2029 and applies to trades made via regulated exchanges, brokers, and dealers operating under the 2018 Royal Decree on Digital Asset Businesses.

A Strategic Shift to Attract Global Capital

Deputy Finance Minister Julapun Amornvivat called the decision a landmark moment for Thailand’s financial future. In his public statement, he emphasized the country’s goal of becoming one of the world’s leading financial centers by aligning its laws and tax policies with global crypto trends.

Thailand was among the first nations in Southeast Asia to introduce clear regulations governing cryptocurrencies. The new tax measure builds on that foundation, sending a strong message to global investors and Web3 companies: Thailand is open for crypto business.

Amornvivat said the measure will help the economy grow and could generate at least 1 billion baht ($30 million) in medium-term tax revenue — not by taxing gains, but by stimulating market activity, domestic consumption, and international interest in the Thai crypto scene.

Licensed Platforms Only

This tax relief will apply only to transactions carried out through licensed and regulated digital asset service providers. The government wants to ensure that crypto activities stay within the bounds of the law. The policy has been designed in consultation with Thailand’s Securities and Exchange Commission (SEC) to align with the FATF’s anti-money laundering guidelines.

The goal is not only to attract traders but to encourage more transparency in how digital assets are handled. Users who conduct trades outside licensed platforms will not be eligible for this exemption.

Second Crypto-Friendly Move This Year

Thailand had already removed its 7% value-added tax (VAT) on crypto capital gains back in February 2024. That decision laid the groundwork for broader reforms. Now, with the personal income tax exemption added, the country is putting itself ahead of many global peers in the race to adopt Web3 technologies.

These moves are particularly significant considering Thailand has one of the highest concentrations of crypto holders in Southeast Asia. Industry experts believe that if the country maintains regulatory clarity and continues to support adoption, it could become a top destination for digital asset firms worldwide.

The government estimates that by removing friction from crypto investments, the overall economy will benefit. More trading, investment, and blockchain-based fundraising will drive technological innovation and job creation. According to the Finance Ministry, this tax policy is an investment in long-term economic growth.

Digital assets are increasingly being used as fundraising tools in the region. The government wants to embrace this evolution and use it to Thailand’s advantage, especially in areas like gaming, NFTs, and metaverse development.

Digital Spending for Tourists

Beyond just local reforms, Thailand is preparing to introduce crypto-linked spending solutions for international tourists. The government has announced plans to allow visitors to use crypto-linked credit cards for purchases during their stay. The system is being designed so that vendors will continue receiving payment in Thai Baht, ensuring a smooth transaction experience while giving tourists more freedom.

This initiative could boost local tourism, one of Thailand’s biggest industries, and turn it into a proving ground for real-world crypto adoption.

G-Tokens to Modernize Government Fundraising

Adding to its crypto momentum, Thailand is also working on launching G-Tokens, state-backed digital investment products expected to go live within two months. These tokens, worth 5 billion baht ($150 million), will be offered directly to retail investors.

Unlike traditional bonds, G-Tokens will not be treated as debt. Instead, they represent a new way for the government to raise capital while also improving liquidity in Thailand’s secondary bond market. The blockchain-based nature of these instruments is expected to reduce costs and improve efficiency, making them especially attractive to smaller investors.

Regulatory Cleanup Underway

While the country is opening up its markets, it’s also tightening control. In late May, the Thai SEC blocked several major international exchanges including Bybit, OKX, and CoinEx for operating without proper licenses. This shows that while Thailand is crypto-friendly, it remains serious about regulatory compliance and investor protection.

Other companies are responding to the new regulatory climate. KuCoin, for instance, has recently set up a licensed subsidiary in Thailand to comply and participate in the country's expanding crypto ecosystem.