Thailand Eliminates Crypto Capital Gains Tax Through 2029

Thailand expects crypto tax cuts to drive over $30M in mid-term revenue by stimulating investment and market activity.

Thailand has announced a complete exemption from capital gains tax on cryptocurrency transactions through December 31, 2029, as its Cabinet approved the tax break for trades conducted through locally licensed exchanges, brokers, or dealers regulated under the country’s 2018 Digital Asset Business Decree.

Deputy Finance Minister Julapun Amornvivat believes “this is a key step in boosting Thailand’s economic potential and a major opportunity for Thai entrepreneurs to thrive on the global stage.”

The government aims to accelerate Thailand’s positioning as a global digital asset hub while promoting transparent trading practices and technological innovation.

The crypto exemption forms part of Thailand’s broader tax incentive strategy to attract capital and position itself as a regional financial hub.

The Revenue Department has also proposed tax exemptions on foreign-sourced income, targeting over 2 trillion baht ($58.8 billion) in overseas Thai investments, allowing income earned and repatriated within two tax years to be exempt from personal income tax.

Strategic Revenue Generation Despite Tax Cuts

Government estimates project the exemption will generate over one billion baht ($30 million) in tax revenue over the medium term.

This counterintuitive outcome reflects Thailand’s strategy to stimulate market activity, attract foreign investment, and boost domestic consumption through regulatory clarity rather than immediate tax collection.

Thailand previously eliminated its 7% value-added tax on crypto capital gains in February 2024. The country’s Securities and Exchange Commission has been actively shaping the regulatory framework, recently considering locally issued Bitcoin exchange-traded funds (ETFs) for Thai exchanges amid rising global competition.

Global Context of Crypto Tax Policies

Thailand’s approach aligns with several jurisdictions that have eliminated crypto capital gains taxes entirely.

Singapore, Malaysia, and the United Arab Emirates impose no capital gains tax on individual investors, while offshore jurisdictions, including the Cayman Islands, British Virgin Islands, Vanuatu, and the Bahamas, maintain zero capital gains tax policies.

European countries like Germany and Portugal allow tax residents to avoid capital gains tax completely by holding cryptocurrencies for more than one year.

Brazil recently reversed course, ending its crypto tax exemption and implementing a flat 17.5% tax on all crypto gains.

Enforcement Against Unlicensed Platforms

The tax incentive comes alongside Thailand’s strict enforcement against unlicensed crypto operations. The Thai Securities and Exchange Commission recently blocked five global crypto exchanges—Bybit, OKX, CoinEx, XT.COM, and 1000X—from serving Thai residents without proper local licensing.

Meanwhile, compliant operators are expanding their Thai presence. KuCoin acquired a local license and launched operations in the country, while Tether rolled out its tokenized gold digital asset in Thailand through a listing on the local crypto trading platform Maxbit.

Thailand’s revenue department is preparing to implement the OECD’s Crypto-Asset Reporting Framework to increase transparency and accountability in digital transactions.

The approach sets Thailand among the first countries worldwide to implement clear laws and tax regulations governing digital assets.