Thailand Gazettes Royal Decree Exempting VAT for Cryptocurrency, Utilization Digital Token Transfers

The Thai Official Gazette Sept. 24 published Royal Decree No. 788, exempting VAT on cryptocurrency and utilization digital token transfers. The decree includes measures: 1) exempting VAT on cryptocurrency or utilization digital token transfers occurring from Jan. 1, for use in a digital asset trading center, made through or by a digital asset broker, or transferred to a digital asset trader in accordance with the Digital Asset Business Act; and 2) defining “utilization digital tokens” as tokens intended to establish the right to acquire goods, services, or any other specified rights. The decree enters into force Sept. 25. ...