Thailand approves relaxed tax rules for digital assets

FILE PHOTO: A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken October 19, 2021. REUTERS/Edgar Su

BANGKOK (Reuters) - Thailand's cabinet on Tuesday relaxed tax rules for investments in digital assets to help promote and develop the industry following a surge in cryptocurrency trading in Southeast Asia's second-largest economy.

The rules, in line with an earlier announcement, will allow traders to offset annual losses against gains for taxes due on cyptocurrency investments, and exempt a value-added-tax of 7% for cryptocurrency trading on authorized exchanges, Finance Minister Arkhom Termpittayapaisith told a news conference.