If you hold or trade cryptocurrency and live in Thailand, the 2025 tax year has created more opportunities, but also more risks.
Recent headlines suggest that crypto gains are now tax free in Thailand. The reality is not that simple. A new exemption exists, but it is strictly conditional, platform choice matters, and many common crypto activities remain taxable.
This guide explains how cryptocurrency is treated for the 2025 Thai tax return (income earned in 2025 and filed in 2026), what qualifies for exemption, what does not, and where expats most often go wrong.
The Key Change for 2025: A Conditional Exemption for Crypto Capital Gains
Thailand introduced a personal income tax exemption under Ministerial Regulation No. 399, published in the Royal Gazette on 5 September 2025.
The regulation provides a personal income tax exemption from tax payable on capital gains arising from the transfer of cryptocurrency or digital tokens, with effect from 1 January 2025 to 31 December 2029.
Importantly, this is an exemption from tax, not from calculation or reporting. Any gains still need to be properly identified, calculated, and declared when completing a Thai tax return.
This exemption applies:
- Only to individual taxpayers (not companies)
- Only to capital gains from transfers
- Only where the transfer occurs through Thai SEC-licensed digital asset operators
This change is part of Thailand’s broader strategy to position itself as a regulated digital-asset hub, but it is not a blanket exemption.
The Two Crypto Categories That Matter for Thai Tax
Thai tax law does not treat crypto as a single category. For filing purposes, activity is divided into two main buckets.
Income From Holding Crypto or Digital Tokens
This refers to income you receive without disposing of the asset, such as:
- Staking rewards
- Mining rewards
- Yield or interest
- DeFi rewards
- Certain token reward structures
This type of income is generally treated as ordinary income rather than a capital gain and is not covered by the 2025 capital gains exemption.
Important: Income from holding crypto is not covered by the MR 399 exemption and remains taxable if you meet Thai filing thresholds.
Gains From Transferring Crypto or Digital Tokens
A transfer includes:
- Selling crypto for fiat
- Swapping one token for another
- Using crypto to pay for goods or services
These transactions may create capital gains. This is where the 2025 exemption applies, provided the conditions are met.
When Crypto Gains Are Exempt in 2025
Your capital gains may qualify for exemption if all of the following apply:
- The gain arises during the exemption period, including the 2025 tax year
- The transfer is carried out through a Thai SEC-licensed digital asset exchange, broker, or dealer
- You are filing as an individual taxpayer
The Thai Securities and Exchange Commission maintains the official and authoritative list of licensed digital asset operators. This list should always be checked before assuming a transaction qualifies.
Common licensed platforms include:
Always verify current licensing status via the SEC list, as this can change.
What Remains Taxable in 2025
Even with MR 399 in force, many crypto holders will still have taxable amounts.
Staking, Yield, And Reward Income
This remains taxable as ordinary income and must be reported if filing thresholds are met.
Non-Qualifying Transfers
Gains from transfers carried out:
- On overseas exchanges
- Via unlicensed platforms
- Through P2P or DeFi protocols
These are not exempt and remain taxable under normal rules.
Mixed Activity
Many expats have a combination of:
- Long-held offshore crypto
- Staking or yield income
- Trades across multiple platforms
- Transfers between wallets and exchanges
These cases require careful classification. Treating everything as exempt is a potentially costly mistake.
Offshore Crypto and Foreign-Sourced Income: A Key Expat Issue
If you are a Thai tax resident (spending 180 days or more in Thailand), extra care is needed when crypto has been held offshore.
The key issue is where and when the gain is realised.
A common situation looks like this:
- You bought crypto while living outside Thailand, or you held it on an overseas exchange or in a personal wallet
- The value increased over time
- You later move the crypto to a Thai SEC-licensed exchange
- You sell the crypto after the transfer
The correct treatment depends on the facts, including where the disposal is treated as occurring and how the gain is evidenced.
Selling on a Thai exchange is the main requirement. Therefore, in the scenario where someone sells crypto offshore first and then brings the proceeds into Thailand. This can result in the entire gain being treated as taxable foreign income, particularly if you are a Thai tax resident and the funds are remitted into Thailand.
This distinction catches many expats out, especially those with long-held crypto bought years ago. It is one of the strongest reasons to review your position before selling or transferring crypto, rather than after.
VAT And Withholding Tax Treatment
Transfers of crypto or digital tokens through licensed operators are exempt from VAT (7%), a permanent exemption that reduces friction on qualifying trades.
Do Exempt Crypto Gains Remove the Need to File a Return?
No.
A tax exemption removes the tax payable, not the requirement to calculate and declare the gain.
If you meet Thai filing thresholds based on your residency and total income, you are still required to:
- Calculate your crypto gains in full
- Determine which gains qualify for exemption
- Declare both exempt and non-exempt amounts in the correct sections of your tax return
In practice, this means exempt crypto gains do not simply disappear. They still need to be reported transparently, usually in specific sections of the return (such as PND.90 or PND.91), with appropriate supporting records.
For the 2025 tax year:
- Paper filing deadline: 31 March 2026
- Online filing deadline: 8 April 2026
Failing to declare exempt gains correctly can still create problems later, even where no tax is ultimately payable.
Records Every Crypto Holder Should Keep
Whether gains are taxable or exempt, good records are essential. You should retain:
- Full transaction histories from all platforms
- Evidence of which platforms were used for disposals
- Dates, values and fees for each transfer
- Wallet transfer records
- Proof that platforms relied on for exemption were Thai licensed
Common Mistakes Crypto Holders Make
- Assuming ‘tax free’ means ‘no reporting required’
- Treating staking rewards as capital gains
- Assuming overseas exchanges fall outside Thai tax rules
- Ignoring foreign-sourced income implications
- Leaving classification until the filing deadline
How Expat Tax Thailand Supports Crypto Holders
We regularly support expats with cryptocurrency activity who want their Thai tax return handled correctly and without guesswork.
This includes expats who:
- Hold crypto across multiple platforms or wallets
- Have offshore holdings or long-term crypto investments
- Earn staking, yield, mining, or other crypto-related income
- Are unsure which gains qualify for exemption
- Want a clean, compliant 2025 tax filing with no loose ends
Our specialist team can help you:
- Correctly classify all crypto activity
- Assess which transactions qualify for exemption
- Separate exempt gains from taxable income
- Integrate crypto activity with your other income and assets
- Prepare a clear, compliant tax return with supporting records
If you held, traded, or earned cryptocurrency in 2025, getting this right matters. Small classification mistakes can lead to problems later, even where no tax is ultimately payable.
Ready to Take the Next Step?
Start by reviewing our Specialist Cryptocurrency Tax Filing Service, designed specifically for expats with crypto activity who want their full Thai tax return handled correctly.
REVIEW THE SPECIALIST CRYPTO TAX FILING SERVICE
If you would prefer to talk it through first, you can also book a free call with our team.
Frequently Asked Questions About Crypto and the 2025 Thai Tax Return
Crypto 2025
No. Only capital gains from qualifying transfers may be exempt, and only when the transfer is carried out through a Thai SEC-licensed digital asset operator. Income from staking, yield, rewards, or non-qualifying transfers remains taxable.
No. Staking rewards, yield, interest, and similar benefits from holding crypto are treated as ordinary income and are not covered by the capital gains exemption.
Possibly, yes. Gains from overseas or unlicensed platforms do not qualify for the exemption, but they are generally only taxable in Thailand if they are remitted into Thailand and you are a Thai tax resident.
Whether you must report them depends on:
- Your Thai tax residency status
- Whether and when the gains were brought into Thailand
- Whether they fall within the relevant tax year
This is an area where timing and classification matter, so it’s important to review your specific circumstances rather than assume overseas activity is automatically reportable or exempt.
Often, yes. An exemption removes the tax, not necessarily the filing obligation. Exempt gains may still need to be disclosed in specific sections of the return, depending on your circumstances.
This is a common and sensitive area. In many cases, only gains arising after the transfer to the licensed platform may qualify for exemption. Earlier gains may still be treated as foreign-sourced income.
Only platforms licensed by the Thai Securities and Exchange Commission qualify. Licensing status can change, so it should always be verified using the SEC’s official public list.
You should keep full transaction histories, platform statements, dates and values, wallet transfer records, and evidence that qualifying platforms were Thai-licensed. Good records make filing smoother and reduce risk later.
