Thailand closer to launch digital asset exchange “to serve the needs of younger generations”

Rick Steves

TDX is a subsidiary of the Stock Exchange of Thailand (SET) and its incorporation is part of the group’s strategic position to connect capital markets, open opportunities for the business sector in raising funds and cater to investment demand of new generations.

Thai Digital Assets Exchange Co., Ltd. (TDX) has announced it has been granted a digital asset exchange license by the Ministry of Finance of Thailand ahead of launch in Q3 2022.

TDX provides investment and utility token trading services on an open platform and is looking to form alliances to serve the needs of younger generations as well as the existing customer base in the traditional capital market.

TDX obtains crypto license and awaits SEC assessment

At the helm of TDX is Managing Director Kitti Sutthiatthasil, who said the exchange is in the process of preparing the readiness of systems as it awaits an operational assessment by the Securities and Exchange Commission (SEC).

TDX is a subsidiary of the Stock Exchange of Thailand (SET) and its incorporation is part of the group’s strategic position to connect capital markets, open opportunities for the business sector in raising funds and cater to investment demand of new generations.

TDX has charted a plan to join forces with various groups of alliances to create a digital asset ecosystem that provides trading and exchange services for both investment and utility tokens, offering trading, settlement, and custodian services for digital tokens.

The Thai bourse announced its plans earlier this year, with SET outlining a three-year strategic plan to “enhance digital infrastructure to serve a changing investor lifestyle and modernize the capital market’s supervision.”

SET aims to encourage retail investors to use a digital platform for trading, and offer smaller products to attract young investors. It is not clear whether the new TDX exchange will only offer Thai securities and tokenized assets, or will include decentralized cryptocurrencies such as Bitcoin and Ethereum.

The central bank and finance ministry have frowned upon the industry, having repeatedly warned businesses and commercial banks away from dealing with crypto or accepting it as payments. Still, the Thai Revenue Department has finalized tax reporting requirements for crypto traders and miners in a move that shows open doors to the emerging asset class.

Read this next

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<