Thailand offers tax breaks for companies issuing investment tokens - Another win for Crypto investors
Hello InformationWar platform! It's a beautiful day and I'm glad to be in your midst today to share with you another win for the cryptoverse in Thailand. Good evening!
It's been a serious fight towards the general adoption of crypto in the entire world and this gain a lead way after El-salvador adopted crypto as a legal tender. Most recently, the Cubans could pay their electric bills with our own HBD & $Hive. All these is in the effort to take the cryptoverse to it's destination of being the hope of the world economy in the future.
In a bid to help investment in tokens to develop the industry, the Thai government have decided to offer tax breaks for companies issuing investment tokens.
Thailand's cabinet on Tuesday agreed to waive corporate income tax and value-added tax for companies that issue digital tokens for investment, a government spokeswoman said.
Companies will have access to alternative ways of raising capital through investment tokens in addition to traditional methods like debentures, Rachada Dhnadirek told reporters at a news conference.
The government estimates that there will be 128 billion baht ($3.71 billion) worth of investment token offerings over the next two years, Rachada said, and that the government would lose tax revenue worth 35 billion baht.
Thailand is one of the countries in the world that has gained cryptocurrencies popularity and this popularity became more severe after the country's Security and Exchange Commission started regulating crypto assets. Some time last year, the country decided to ease tax rules to help the industry to grow.
It's so obvious that tax and strict regulations can be a great limitation for the crypto industry. This on its own will allow the crypto industry to grow and develop as well as create an avenue for future revenues for the country.
The country's central bank and other regulators, however, have banned the use of digital assets as a means of payments, saying it could impact the country's financial stability and overall economy.
Cabinet separately also approved support measures for electricity use and import duty exemption for components of electric vehicles, including batteries.
