The Thai government has officially approved a groundbreaking policy to exempt capital gains tax on cryptocurrency transactions conducted through licensed platforms from 2025 to the end of 2029. This unprecedented move is seen as a crucial step toward positioning Thailand as a global hub for finance and digital assets, aiming to attract international investors and innovative enterprises.
Deputy Finance Minister Julapun Amornvivat emphasized that the policy not only supports the country’s digital economic transformation but also highlights Thailand’s ambition to be among the first to establish a comprehensive regulatory and tax framework for digital assets.
Five-Year Tax Holiday to Boost Market Momentum
According to an announcement from the Ministry of Finance, the policy will take effect on January 1, 2025, and run through December 31, 2029. During this period, individuals who buy or sell digital assets through exchanges, brokers, or dealers licensed by the Thai Securities and Exchange Commission (SEC) will be exempt from paying capital gains tax as part of their personal income tax.
The Finance Ministry expects this initiative to boost GDP growth in the medium term and generate at least 1 billion baht (approximately USD 30.7 million) in additional fiscal revenue. Officials stated that the move encourages investors to operate within regulatory frameworks while providing businesses with greater flexibility for innovative fundraising.
Aiming to Become Asia’s Digital Finance Powerhouse
With the rapid development of blockchain technology, digital assets have become vital tools for entrepreneurship and capital markets. “We are actively working to position Thailand as one of the world’s digital asset hubs alongside Singapore and Dubai,” Julapun said.
According to Jagdish Pandya, founder of Blockon Ventures, Thailand currently holds digital assets worth around USD 180 billion—second only to the largest crypto-holding nation in Southeast Asia. He estimates that by 2030, Thailand’s total digital asset holdings could surpass the USD 1 trillion mark.
Pandya also noted that regions such as Chiang Mai and Phuket are rapidly emerging as Web3 innovation hotspots, attracting a wave of global developers and startups.
Only Transactions via Licensed Platforms Qualify
The tax exemption policy applies strictly to transactions conducted on platforms licensed and regulated by the SEC. This requirement aims to ensure that all activities remain legal and compliant, in alignment with anti-money laundering standards set by the Financial Action Task Force (FATF).
To safeguard financial stability, Thailand has also stepped up efforts to crack down on unlicensed crypto platforms. In late May, regulators announced a ban on several foreign exchanges that lacked proper registration, including Bybit, OKX, CoinEx, and XT.COM—highlighting the country’s strategy to strike a balance between openness and oversight.
Meanwhile, some companies have responded positively. Major exchange KuCoin recently secured a Thai operating license and launched a local compliance entity. Stablecoin giant Tether has also begun issuing its gold-backed XAU token via Thai exchange Maxbit.
In addition to investment, the Thai government is actively promoting the use of cryptocurrencies in tourism and consumer sectors. In May, the Finance Ministry proposed a plan allowing tourists to pay with crypto during their stay. The system supports multi-currency payments on the frontend and automatically converts them to Thai baht on the backend, minimizing friction for local merchants.
This initiative is widely seen as a pioneering step toward integrating blockchain assets with the real economy and could lead to broader applications in tourism, retail, and food services.
Regulatory Access Still a Challenge
Despite the overall positive outlook, some experts caution that regulatory details could pose challenges for international users. Archer Wolfe, co-founder of MohrWolfe, noted that Bitkub, Thailand’s largest local exchange, currently handles most transactions, but its policies for foreign users remain unclear and subject to regulatory changes.
Wolfe warned that while Thailand has taken a significant step forward, achieving full global integration will require clearer service standards and regulatory boundaries for international participants.
Thailand’s crypto capital gains tax exemption marks a major incentive for digital asset markets and reflects the country’s broader national strategy to create an open, compliant, and innovative financial ecosystem.
As many major economies continue to explore regulatory pathways, Thailand’s proactive approach may give it a strategic edge in the next wave of digital economic competition. With regulatory frameworks improving and infrastructure maturing, the country is steadily emerging as a global magnet for crypto capital and technology.