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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.
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.
STORY CONTINUES BELOW
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.
Jack Schickler
Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He previously wrote about financial regulation for news site MLex, before which he was a speechwriter and policy analyst at the European Commission and the U.K. Treasury. He doesn’t own any crypto.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
