The Ministry of Finance of Thailand announced the abolition of VAT on trading of digital assets. Such a decision should help transform the country into an international crypto center and provide the necessary impetus for the development of the country’s digital economy in the future.
The VAT exemption for trading digital assets previously only applied to authorized digital asset exchanges. The exemption now applies to brokers and dealers regulated by the SEC.
In addition, the Department of the Treasury and the SEC are in the process of amending the Securities Exchange Act of 2019 to allow digital investment tokens to be treated as securities.