On 5 September 2025, the Ministry of Finance issued Ministerial Regulation No. 399 (B.E. 2568) under the authority of Section 4 and Section 42(17) of the Revenue Code, as amended by the relevant Acts. The primary objective is to expand the framework of income tax exemptions for individuals and juristic persons engaging in digital asset transactions. As we represent many private clients with cryptocurrency and bitcoins as digital assets, H&P Corporate lawyers with our accounting and tax advisers in Bangkok, have prepared a summary of this relevant tax legal update in Thailand.
“(109) Income derived from the transfer of cryptocurrency or digital tokens conducted through a licensed digital asset exchange, broker, or dealer under the Digital Asset Business Act shall be exempt from personal income tax, provided such income constitutes gains exceeding the initial investment. This exemption shall apply to assessable income received from 1 January 2025 to 31 December 2029.”
Legislative Intent
The government recognizes the growing role of digital assets in the economy, including investment, fundraising, and financial innovation. In order to enhance Thailand’s competitiveness on the global stage and to promote the development of the domestic digital capital market, it is essential to modernize the tax framework to align with the evolving digital economy.
Scope of Tax Exemption
The regulation exempts personal income tax on capital gains derived from the transfer of digital assets (cryptocurrencies and digital tokens) transacted through licensed digital asset businesses, namely:
- Digital Asset Exchanges
- Digital Asset Brokers
- Digital Asset Dealers
The exemption applies only to gains exceeding the invested capital, and is effective for income arising between 1 January 2025 and 31 December 2029.
Key exempted transactions include:
- Transfer or exchange of digital assets via licensed digital asset exchanges in Thailand
- Acquisition of Investment Tokens issued by licensed issuers under the supervision of the SEC
- Transfer of Utility Tokens duly authorized under relevant laws
- Income generated from fundraising through ICO Portals approved by regulatory authorities
Previous Tax Treatment
Prior to this regulation, individuals disposing of cryptocurrencies or digital tokens were subject to 15% withholding tax on capital gains, net of capital losses. The remaining gains had to be further included in the annual personal income tax return, creating a double-layered tax burden.
Anticipated Impact
- Investors: Benefit from reduced tax costs, thereby encouraging greater participation in digital asset investments.
- Businesses: Gain an alternative, tax-efficient fundraising mechanism through digital tokens and related transactions.
- Economy: Expected to foster a more transparent, standardized, and internationally recognized digital asset market in Thailand.
Conclusion
Ministerial Regulation No. 399 (B.E. 2568) marks a significant milestone in Thailand’s adaptation of its tax regime to the digital economy. By balancing investor protection with business incentives, it lays the foundation for a sustainable and competitive digital asset ecosystem.
If you need a tax consultation with a lawyer in Thailand with area of expertise in crypto, please contact our law firm in Bangkok at [email protected]
