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Thailand Offers $1B Tax Break for Firms Issuing Investment Tokens: Reuters
The country will waive corporation and sales taxes for those firms.
Updated Mar 7, 2023, 8:13 p.m. Published Mar 7, 2023, 12:14 p.m.
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Thailand is offering a tax break for companies that issue digital tokens for investment, in a move that may cost the government 35 billion baht ($1 billion), according to a report from Reuters.
The Thai government agreed on Tuesday to waive the corporation and value-added tax, a form of sales tax, for companies that raise capital by issuing digital tokens rather than by more traditional ways, the report said.
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In September, Thailand's financial regulator banned crypto firms from offering staking and lending services and established stricter crypto advertising rules, and has more recently issued regulations for crypto custody. Its central bank has also been involved in international projects to test central bank digital currencies.
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