The Stock Exchange of Thailand (SET) is expected to roll out its own digital asset trading platform at the same time that the country’s central bank is trying to stifle the crypto industry.
Thailand’s bourse announced on Jan 11 that it will launch the Thai Digital Assets Exchange (TDX) in the third quarter of the year. The move is a bid to cater to the younger generation’s interest in investment, according to local media.
The SET has a three-year strategic plan to “enhance digital infrastructure to serve a changing investor lifestyle and modernize the capital market’s supervision.” The TDX will be a major part of this plan “innovatively creating a new platform to link the trading of traditional assets to digital assets,” according to President Pakorn Peetathawatchai.
Crypto exchange with no crypto?
Stock and crypto trading has surged in Thailand over the past year or so. According to the report, there were 1.6 million new trading accounts in 2021, a 40% increase from the previous year.
The Thai bourse wants to make markets more accessible by simplifying the procedures for opening trading accounts. It also aims to encourage retail investors to use a digital platform for trading, and offer smaller products to attract young investors.
It was not clear whether the new TDX exchange would be for Thai securities and tokenized assets only, or would include decentralized cryptocurrencies such as Bitcoin and Ethereum. Previous reports have suggested that crypto would not be included as the central bank and finance ministry still frown upon the industry.
Thailand’s central bank has repeatedly warned businesses and commercial banks away from dealing with crypto or accepting it as payments. However, some of the Kingdom’s largest high street banks have made substantial investments in local crypto exchanges.
The Bank of Thailand will release a report on the financial landscape and its “red lines” for crypto later this month.
Clarity on tax
Earlier this week, the Thai Revenue Department stated that it would finalize tax reporting requirements for crypto traders and miners by the end of this month.
Crypto companies and traders have sought clarity from the department since it announced a 15% capital gains tax on profits last week.
Meanwhile, the Southeast Asian country’s tourism department is still trying to attract digital nomads and crypto whales to its shores in a failing effort to revive its pandemic-battered tourism industry which accounted for as much as 20% of GDP before COVID-19.
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Source: https://beincrypto.com/thai-bourse-digital-asset-exchange-crypto-tax-looms/