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A completely redesigned tax regime for the crypto in Thailand for individual investors
Since 1 January 2025, Thailand has exempted all capital gains realised by individuals, whether resident or non-resident, on the sale of crypto assets from tax. This measure is valid until 31 December 2029, on the sole condition that transactions with these platforms are carried out on a platform approved by the Securities and Exchange Commission (SEC).
This reform, approved by the Council of Ministers on 17 June 2025, has a twofold objective: to encourage transparency by incentivising investors to use licensed local platforms, and to position the Kingdom as a regional digital investment hub in crypto in Thailand.
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The tax framework for crypto in Thailand before 2025: a fragmented and restrictive system
Income from crypto assets prior to the reform was taxed as personal income tax (PIT) at standard progressive rates (up to 35%). In line with this, token transfers were generally subject to 7% VAT, except when carried out on approved exchange platforms. The tax environment was therefore very burdensome, making it a very unfavourable tax regime for crypto in Thailand, particularly with the presence of intermediaries and other brokers who were left out of the exemptions.
Prior to this reform, income from crypto assets was subject to personal income tax (PIT) at the standard progressive rates (up to 35%). At the same time, token transfers were generally subject to 7% VAT, except when carried out on approved exchange platforms. This complexity made the tax environment for crypto in Thailand unfavourable, especially as certain intermediaries, such as brokers, remained outside the scope of exemptions.
Between 2022 and 2024, several royal decrees were issued to supplement this regime, making it less strict:
- Royal Decree No. 744 (2022) exempted transactions carried out on licensed exchanges from VAT until 31 December 2023.
- Royal Decree No. 779 (2023) abolished VAT and corporation tax on primary sales of investment tokens and extended the zero VAT rate to the secondary market.
- Royal Decree No. 788 (2024) made the VAT exemption permanent and extended it to brokers, dealers, and transfers of cryptocurrencies such as utility tokens, with no time limit.
Nevertheless, despite these measures, which would have provided some stability, taxation remained complex for individual investors in crypto in Thailand.
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The current framework in crypto in Thailand (2025–2029): a limited but strategic exemption
The reform adopted by the ministerial regulation of June 2025 is no less radical and has completely changed the tax framework for individuals using crypto in Thailand.
Total exemption from personal income tax on capital gains
For the next five years, investors, whether resident or non-resident, will not have to pay capital gains tax on the sale of cryptocurrencies. However, this exemption only applies if the transaction is carried out through an entity licensed by the SEC: an exchange, broker or dealer.
The measure applies only to individuals. Companies, holding companies and commercial entities remain subject to 20% corporate income tax.
Elimination of withholding tax
Withholding tax, previously applicable to all capital gains, is eliminated for the period 2025–2029. This immediately improves the available cash flow of investors operating in crypto in Thailand.
Maintenance of VAT exemption in the crypto in Thailand
The 7% VAT continues to apply to transfers outside approved channels. However, it remains suspended for all transactions carried out by licensed operators. This provision has been in force on a permanent basis since the 2024 decree, consolidating Thailand’s tax advantage for crypto in Thailand.
Strict eligibility conditions for the sector of crypto in Thailand
The transaction is only exempt if it is carried out by an operator authorised by the SEC. Any over-the-counter (OTC) transaction or transaction carried out with an unauthorised platform is subject to tax under the ordinary system.
Compliance with KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements is mandatory. Similarly, the taxpayer is required to keep records of cryptocurrency transactions for a minimum period of five years.
Non-residents: an opportunity with no local tax obligations for crypto in Thailand
The exemption is also available to foreign investors, even if they are not registered as Thai taxpayers, provided that they carry out their operations from local infrastructure. However, they must check whether their country of tax residence taxes these gains as part of their global taxation.
What this means in practical terms for investors in crypto in Thailand
The tax reform significantly changes the appeal of using the Thai system to manage crypto investments in Thailand. From now on:
- Thai residents no longer have to declare capital gains from crypto sales made through an approved platform.
- Foreign investors can engage in arbitrage or trading from Bangkok without incurring local tax liability, while complying with SEC regulations.
- The use of offshore platforms is becoming less attractive than local exchanges, which guarantee exemption and regulatory compliance.
A competitive regime at regional level
Thailand now compares as follows with its neighbours:
- In Singapore, capital gains are not taxed for individuals, but VAT is applied to service charges, which increases the cost for active traders.
- In Malaysia, the taxation of recurring gains remains unclear, and the tax authorities may reclassify certain profits as business income.
- In Indonesia, a fixed withholding tax is levied, even on small volumes.
Ultimately, with a temporary but complete exemption, Thailand offers an optimal middle ground between attractiveness, legal certainty and regulatory compliance for crypto assets in Thailand.
Conclusion
This tax framework, which will remain in place for five years, is a godsend as it allows for the structuring of a crypto portfolio in Thailand under a virtually neutral regime. Tax residents and international investors will benefit from a highly favourable, clear and secure tax framework during this period. However, this opportunity is temporary, as the exemption will end in December 2029 unless extended by law.
It also requires strict compliance with reporting obligations and the use of approved operators only. For investors seeking to secure their crypto portfolio and obtain compliant exposure, this reform is a strategic opportunity to be seized. However, it is strongly recommended that investors seek legal advice to verify the eligibility of the platforms used, check the tax reporting requirements and anticipate the possible return of standard taxation after 2029.
With this measure, Thailand is demonstrating its desire to become a digital leader in Asia, while maintaining a balance between tax and regulatory competitiveness in the sector of crypto in Thailand.
FAQ
Any individual, resident or non-resident, using a platform approved by the SEC.
No, only individuals are exempt. Companies remain taxed at 20%.
Until 31 December 2029.
Yes, if they use a local platform approved by the SEC.
Loss of the exemption and application of normal taxation.