Today in crypto, Thailand has scrapped taxes on income from the sale of cryptocurrencies for five years, Bitcoin shed some of its gains amid reports that US President Donald Trump called the National Security Council to the White House’s situation room amid escalating conflict in the Middle East, and crypto exchanges Coinbase and Gemini are pursuing licenses to operate in Europe.
Thailand approves five-year crypto tax exemption
Thailand has approved tax exemptions on income from the sale of cryptocurrencies like Bitcoin for five years, according to a Ministry of Finance announcement.
Thailand will waive the capital gains tax on crypto sales made through licensed crypto asset service providers in the period from Jan. 1, 2025, to Dec. 31, 2029, Deputy Finance Minister Julapun Amornvivat said in a statement issued on Tuesday.
According to the minister, the measure is designed to strengthen Thailand’s position as a global financial hub and one of the first countries to adopt laws for digital assets and their taxation.
The tax measure also aims to promote cryptocurrency trading in Thailand under the supervision of the Thai Securities and Exchange Commission (SEC) in compliance with Anti-Money Laundering (AML) policies recommended by the Financial Action Task Force (FATF).
In the statement, the minister highlighted the role of crypto assets in fundraising, which is an important use case for technology and innovation in Thailand.
According to the ministry’s estimations, crypto assets are projected to help the Thai economy expand and increase tax revenue in the medium term “by no less than 1 billion baht,” or $30.7 million.
Bitcoin dips amid reports Trump has called advisers to situation room
Bitcoin and cryptocurrency markets dipped after US President Donald Trump left a summit of world leaders and posted an ominous message about Tehran.
Trump has requested that the National Security Council be prepared in the White House Situation Room as he returned early from the G7 summit in Canada on Monday, Fox News reported.
The report comes just hours after Trump took to his social media platform, Truth Social, with a chilling message: “Everyone should immediately evacuate Tehran!”
Bitcoin prices reacted immediately with a sharp 2% decline as it shed more than $2,000 over the past few hours.
Bitcoin had earlier strengthened to an intraday high of $108,780, but the latest news sent it back to $106,421 before a minor recovery.
Gemini, Coinbase expected to secure EU licenses under MiCA — Report
Crypto exchanges Gemini and Coinbase are reportedly set to secure licenses to operate in the European Union, marking a significant step in their expansion under the newly implemented Markets in Crypto-Assets (MiCA) regulations.
Gemini is on track to receive approval from Malta, while Coinbase is expected to obtain its license through Luxembourg, Reuters reported Monday, citing unnamed sources familiar with the matter.
A Coinbase spokesperson declined to comment on the specific application but told Reuters that Luxembourg is a “well-respected global financial center.”
Gemini and Coinbase would join other major exchanges moving into the EU under the MiCA framework. As previously reported by Cointelegraph, Bybit recently gained regulatory approval to operate in the region via Austria.
In January, Binance updated its deposit and withdrawal procedures in Poland to comply with the MiCA framework.
Regulations under the MiCA framework took effect in June 2024, with full implementation following in December after the European Securities and Markets Authority (ESMA) issued final guidance for EU member states.