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