In June 2025, Thailand implemented a temporary exemption on personal income tax for capital gains derived from the sale of digital assets through platforms regulated by the Securities and Exchange Commission (SEC). This measure is intended to stimulate the digital economy and attract investment. ^{[1] [2]}

Overview

The Thai government has approved a tax relief measure that exempts personal income tax on capital gains from the sale of digital assets, including cryptocurrencies like Bitcoin, when conducted through platforms licensed and regulated by the Thai Securities and Exchange Commission (SEC) ^{[1] [2] [3] [4]}.

Thailand will waive the capital gains tax on crypto sales made through licensed crypto asset service providers in the period from January 1, 2025, to December 31, 2029, Deputy Finance Minister Julapun Amornvivat said in a statement. ^[6]

This initiative is part of a broader strategy by Thailand to position itself as a digital asset hub and enhance its competitiveness in the global digital economy. By removing the tax burden on capital gains from regulated trading activities, the government aims to encourage both domestic and foreign investment in the Thai digital asset market and stimulate economic activity ^{[1] [4]}.

The measure is also intended to support Thai entrepreneurs and facilitate the use of digital assets for fundraising, which is viewed as an important application of technology and innovation within the country. Officials anticipate that the increased economic activity resulting from the tax exemption could generate at least 1 billion baht (approximately $30.7 million) in indirect tax revenue in the medium term ^{[1] [2] [4]}.

Policy Details

The core of the policy is the exemption of personal income tax on capital gains from the sale of digital assets ^{[1] [2] [3] [4]}.

• Duration: The tax relief is effective for a period of five years, from January 1, 2025, to December 31, 2030 ^[1]. Some reports indicate the end date as December 31, 2029 ^{[2] [3] [4]}.
• Scope: The exemption applies specifically to personal income tax on capital gains realized from the sale of digital assets ^{[1] [2] [3] [4]}.
• Conditions: The exemption is contingent upon the digital asset sales being conducted through platforms that are licensed and regulated by the Thai Securities and Exchange Commission (SEC) ^{[1] [2] [3] [4]}. This encourages trading activity within the regulated domestic market ^[3].

Objectives & Rationale

The primary objectives behind Thailand's crypto tax exemption are multifaceted, focusing on economic growth and establishing the country as a leader in the digital asset space.

• Promoting Thailand as a Digital Asset Hub: The government aims to solidify Thailand's position as a significant center for digital assets globally ^{[1] [2] [3] [4]}.
• Attracting Investment: The tax incentive is designed to attract both foreign and domestic investment into the Thai digital asset market ^[1] .
• Stimulating Economic Activity: By reducing the tax burden, the policy seeks to increase trading volume and overall economic activity within the digital asset sector ^[1] .
• Supporting Entrepreneurs and Innovation: The measure is also intended to support Thai entrepreneurs and leverage digital assets for fundraising purposes ^{[1] [2]}.

Deputy Finance Minister Chulaphan Amornvivat stated;

"The Cabinet has approved tax measures proposed by the Ministry of Finance to promote Thailand as a Digital Asset Hub," adding that the policy aims to boost the country’s crypto market, attract foreign investment, and stimulate domestic consumption ^[1].

He also commented, "I firmly believe this is another important step toward enhancing our country’s economic potential—and a great opportunity for Thai entrepreneurs to grow on the global stage" ^[1].

Regulatory Framework & Implementation

The implementation of the tax exemption is closely tied to Thailand's existing digital asset regulatory framework, overseen by the Thai Securities and Exchange Commission (SEC) ^{[1] [2] [3] [4]}.

• SEC Regulation: The tax break applies only to transactions conducted through platforms licensed and regulated by the Thai SEC, ensuring that trading occurs within a supervised environment that adheres to regulatory standards ^{[1] [2] [3] [4]}.
• Alignment with International Standards: The Revenue Department is preparing to align with international information exchange standards, such as those from the OECD and FATF, to ensure transparency and verifiability of digital transactions ^{[1] [2]} .
• Potential Future Taxation: While capital gains are exempted, the government may consider introducing new forms of taxation in the future, potentially including a Value-Added Tax (VAT) on digital assets ^[1] .

Market Impact & Related Actions

The tax exemption is expected to influence the behavior of digital asset traders and the operations of crypto businesses in Thailand.

• Incentive for Licensed Platforms: The policy provides a clear incentive for Thai residents to trade on locally licensed exchanges rather than offshore platforms ^[3].
• Action Against Unlicensed Exchanges: The Thai SEC has taken action against global crypto exchanges operating without local licenses, including blocking access to platforms like Bybit, OKX, CoinEx, and XT.COM. These blocks were expected to be enforced from June 28 ^{[2] [3]}.
• Expansion of Licensed Businesses: Concurrently, licensed crypto companies have expanded their presence in Thailand. KuCoin launched a regulated local subsidiary after acquiring an SEC license. Tether also rolled out its tokenized gold digital asset in Thailand through a listing on the local exchange Maxbit ^{[2] [3]}.
• Previous Tax Measures: Thailand had previously approved a tax exemption for earnings from investment tokens in March 2024 to prevent double taxation ^[1].
• Spot Bitcoin ETF: In 2024, Thailand approved its first spot Bitcoin ETF, launched by asset manager ONEAM, providing regulated exposure to Bitcoin for institutional investors. ^[4]

International Context

Thailand's decision places it among countries that have implemented specific tax policies for digital assets, with varying approaches globally.

• Zero Capital Gains Tax Jurisdictions: Several offshore jurisdictions, including the Cayman Islands, British Virgin Islands, Vanuatu, and the Bahamas, have zero capital gains tax on crypto. Singapore, Malaysia, and the United Arab Emirates also do not impose capital gains tax on individual investors ^[3].
• Holding Period Exemptions: Some European countries, such as Germany and Portugal, offer capital gains tax exemptions if cryptocurrencies are held for a specific period, typically over a year ^[3].
• Taxation in Other Countries: In contrast, countries like Brazil have recently ended crypto tax exemptions and imposed flat tax rates on gains ^{[5] [3]}.

Thailand's approach combines a temporary tax exemption with a focus on channeling activity through regulated domestic platforms, distinguishing its strategy from those with permanent zero tax policies or those based on holding periods.