Crypto seen benefiting from tax exemption

Move may woo Thai capital held offshore

- NUNTAWUN POLKUAMDEE

Thailand’s recent move to exempt capital gains tax on cryptocurrency for a five-year period could draw a massive pool of Thai capital estimated at more than US$60 billion currently held offshore back to the country, says Merkle Capital.

According to Merkle, Thailand's first digital asset fund manager, much of this capital is spent on digital assets via unregulated international platforms.

The capital gains tax exemption is poised to reshape the investment landscape, said Mana Khanijou, chief commercial officer of Merkle Capital.

The decision marks a significant step towards strengthening the country's position as a regional digital asset hub, he said.

Effective as of Jan 1, 2025 through Dec 31, 2029, this policy applies to transactions conducted through licensed exchanges, brokers and dealers within Thailand.