Thailand is ready to boost crypto business in the region as the government gave a green light for tax breaks for companies that issue tokens, which would cost the country $1 billion.
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According to a report from Reuters, crypto businesses will get access to alternative ways of raising funds, including but not limited to distributing investment tokens. Thailand's cabinet projects the sector of investment token offerings to reach $3.7 billion by 2025.
It is worth noting that Thailand isn't all-in on crypto as the local regulator has already imposed several limitations for businesses in the region.
In March last year, the Securities and Exchange Commission (SEC) of Thailand prohibited crypto payments for businesses in the country. The regulator claims such payments can "affect the stability of the financial system and the economy as a whole, creating risks for the population and businesses."
Hence, starting from April 1, 2022, companies are prohibited from advertising the acceptance of payments in crypto, as well as developing systems, tools and wallets to facilitate crypto transactions.
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