SET to kick off digital assets exchange in third quarter

The Stock Exchange of Thailand (SET) announced on Tuesday it will launch Thai Digital Assets Exchange (TDX) in the third quarter in a bid to cater to the younger generation’s interest in investment.

The TDX is part of the bourse’s three-year strategic plans, for 2022 to 2024, to enhance digital infrastructure to serve changing investor lifestyles and modernize the capital market’s supervision.

“SET will innovatively create a new platform to link the trading of traditional assets to digital assets,” president Pakorn Peetathawatchai said in a statement.

Other strategies include supporting fundraising of companies especially social enterprises (SEs), small and medium-sized enterprises (SMEs), and startups, along with promoting financial sustainability education for Thais.

According to the SET, the market capitalization of its initial public offering (IPO) in 2021 amounted to 454 billion baht (USD 13.55 billion). It was the seventh largest in Asia and the 18th largest in the world.

There were 1.6 million new trading accounts in 2021, a 40-per-cent rise from 2020. There are presently over 5 million accounts, with a daily average trading value of 94 billion baht.

Meanwhile, the Thai government had unveiled plans this month to collect 15-per-cent withholding taxes on profits from cryptocurrency and digital asset trading. 

The move prompted worries among Thai traders and digital assets exchange operators due to its ambiguity of how the rule will be applied. 

Ekniti Nitithanprapas, director-general of the Revenue Department, said clear criteria for calculating taxes from cryptocurrency traders will be finalized by this month.

“Over the previous year, digital assets trading has grown exponentially,” Ekniti remarked. “This is a brand-new issue for taxpayers and the Revenue Department.”

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