Thailand has exempted individual traders from personal income tax on crypto capital gains earned through Thai-licensed exchanges, brokers, and dealers. Ministerial Regulation No. 399, published in the Royal Gazette on September 5, 2025, applies retroactively from January 1, 2025, and runs through December 31, 2029. Blockhead covered the Cabinet’s approval of the measure last June.

The exemption has resurfaced this month after Binance founder Changpeng Zhao drew fresh attention to it online, prompting a wave of “0% crypto tax haven” claims. That framing survives contact with the regulation for exactly one clause. The exemption applies only to gains realized through operators licensed under Thailand’s Digital Asset Business…