The cabinet on Tuesday agreed to waive corporate income tax and value-added tax for companies that issue digital tokens for investment, a government spokeswoman said.
Companies will have access to alternative ways of raising capital through investment tokens in addition to traditional methods like debentures, Rachada Dhnadirek told reporters.
The government estimates that there will be 128 billion baht worth of investment token offerings over the next two years, Ms Rachada said, and that the tax waivers would result in forgone revenue of 35 billion baht.
Cryptocurrencies have gained popularity in recent years after the Securities Exchange Commission began regulating digital assets.
Last year, the government relaxed tax rules for crypto trading to promote industry development.
The Bank of Thailand and other regulators, however, have banned the use of digital assets as a means of payment, saying it could affect the country’s financial stability and overall economy.
Also on Tuesday, the cabinet approved support measures for electricity use and import duty exemptions for electric vehicle components, including batteries.