Thailand's government has approved a major tax reform designed to establish the country as a crypto-friendly hub. Effective January 1, 2025, through December 31, 2029, personal income tax on profits from the sale of digital assets, including Bitcoin, will be exempted for transactions conducted through licensed digital asset service providers (CASPs).
The Deputy Finance Minister Julapun Amornvivat stated that this five-year tax exemption aims to stimulate Thailand's digital economy by attracting more local and international crypto investment. The policy is expected to contribute over 1 billion baht (~$30.7 million) in economic value through increased participation and innovation in the market.
The reform is part of a broader strategy to position Thailand as a regional blockchain innovation hub, fostering token fundraising and digital businesses while strengthening regulatory compliance. The regime mandates relevant crypto trading platforms be licensed by the Thai Securities and Exchange Commission (SEC) and comply with anti-money laundering (AML) rules.
The Revenue Department will adopt the OECD’s Crypto-Asset Reporting Framework (CARF), promoting transparency and cooperation with international tax authorities to mitigate tax evasion risks.
Alongside encouraging legal crypto activities, Thailand has simultaneously cracked down on unlicensed foreign platforms such as Bybit, OKX, CoinEx, and XT.COM by blocking their operations. Licensed exchanges like KuCoin have expanded locally after obtaining SEC approval, and stablecoins like Tether and USDC are now approved for digital trade.
This dual approach—facilitating licensed innovation while enforcing regulatory controls—underpins Thailand’s ambition to become a competitive and well-regulated digital asset marketplace, which officials believe will drive long-term growth and innovation in the sector.