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XRP Thailand has implemented a zero capital gains tax on cryptocurrency transactions
While U.S. lawmakers are still debating the future of cryptocurrency regulation, at least one country has already taken action. Thailand officially set the capital gains tax on cryptocurrency transactions at 0% as early as September 2025.
Cryptocurrency commentator Xaif recently highlighted this move. He shared pictures from Thailand's official Royal Gazette documents to support this view.
This regulation was issued on September 5, 2025, will come into effect retroactively from January 1, 2025, and will be effective until December 31, 2029. This means that Thailand has been implementing this policy for nearly two years.
Specific content of the regulation
The Ministry of Finance of Thailand issued this regulation in accordance with the Tax Law. The regulation exempts individual investors from personal income tax on capital gains arising from the sale of cryptocurrencies and digital tokens. However, this exemption only applies to transactions conducted through exchanges, brokers or dealers licensed by the Securities and Exchange Commission of Thailand.
Previously, these gains were subject to tax as ordinary income at a maximum rate of 35%. Income from mining, pledge and airdrop still needs to be taxed. This exemption applies only to individuals, excluding businesses.
XRP had the highest return among all asset classes in Thailand last year, which has a clear goal of positioning itself as a regional digital asset center. The policy aims to attract trading activity to domestically regulated platforms and increase transparency across the industry.
US has not yet followed up
In sharp contrast to the situation in the United States. The CLARITY Act, which aims to establish a comprehensive regulatory framework for digital assets, remains stalled in Congress. The bill has not yet received a full vote and could die in committee before the legislative recess.
No capital gains exemptions for cryptocurrencies have yet been passed at the federal level. Coinbase's vice president of taxation testified to Congress in February 2026, warning that applying capital gains rules to daily cryptocurrency transactions would overwhelm taxpayers and the IRS. He pushed for small exemptions for small transactions, but the request has not yet produced legislative results.
As early as January 2025, Eric Trump stated that the administration supported exemptions from capital gains tax on U.S. cryptocurrency projects, but the proposal also failed to advance into law.
The gap is widening
Thailand is not the only country adopting this approach. Singapore, United Arab Emirates and Malaysia have all established favorable tax environments for individual cryptocurrency investors. Regulatory momentum in Asia is real and well documented. The U.S. cryptocurrency industry continues to lobby for change, but even as the lobbying goes on, other countries have enacted policies into law.
