Thailand is offering tax breaks for companies that issue digital tokens for investment, a move that could cost the government $1 billion (35 billion baht), according to Reuters.
The Thai government agreed on Tuesday to exempt companies that raise money by issuing digital tokens rather than traditional means from corporate tax and value-added tax, a type of sales tax.
In September, Thailand’s financial regulator banned cryptocurrency companies from offering staking and lending services, instituted stricter rules for cryptocurrency advertising and recently banned regulations on e-currency custody.
The country’s central bank is also involved in international projects to test a CBDC digital currency.
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According to Coindesk