Thailand’s cabinet has approved tax waivers for crypto companies that offer investment tokens in the country, according to a statement by Finance Minister Arkhom Termpittayapaisith on Tuesday.

This tax waiver will be applicable for both primary and secondary offerings on these investment tokens. Arkhom stated that such companies will have to register their token offerings to benefit from the tax waiver. Investment tokens are legal in Thailand despite the government banning the use of cryptocurrencies for payments in March 2022.

Thailand’s new crypto tax policy also extends to investors. Those who invest in these token sales will also be exempted from paying value-added tax.

Utility tokens are, however, not covered in this crypto tax exemption policy.

(By Osato Avan-Nomayo)