According to CoinDesk, Thailand's cabinet has approved a tax exemption for crypto earnings to encourage fundraising through investment tokens. Under the exemption, holders of investment tokens who have had the 15% capital gains tax withheld will not need to include the profits when calculating their income tax. This effectively ends a scenario of double taxation. Kulaya Tantitemit, director-general of Thailand's Revenue Department, reportedly stated that the Ministry of Finance recognizes the importance of digital tokens for investment, which will serve as another tool for raising funds for business operators in the country.

Thailand has recently approved a series of tax benefits for crypto firms and users, including a value-added tax (VAT) exemption for earnings until 2023 and a $1 billion tax benefit to firms issuing investment tokens. The new exemption will apply to investment token earnings starting from January 1, 2024.