Thai government excludes cryptocurrency transfers from VAT until year-end 2023

Thailand's government has exempted cryptocurrency transfers from value-added tax ("VAT") until the end of 2023, according to a report from the Bangkok Post on Thursday. The move followed Thailand's agreement to waive taxes for digital asset-based transactions, the Bangkok Post said. A VAT of 7% on crypto or digital asset transfers won't become effective until the beginning of 2024, the report said, citing the new royal decree. Indonesia, another Asian country, recently made plans to income a VAT on digital asset transactions and capital gains at a rate of 0.1%. Looking at intraday crypto prices, bitcoin (BTC-USD -0.8%) is slipping to $29.5K as of shortly before 5:30 p.m. ET. And ethereum (ETH-USD -6.5%) is dropping to $1.83K. Towards the end of March, Thailand blocked the use of cryptos as a means of payment.