KuCoin Supports Thailand’s G-Token Program: Details

In a historic move, KuCoin has become the first crypto exchange to support Thailand’s G-Token program. Partnering with the Thailand Ministry of Finance, the platform is poised to revolutionize the country's financial landscape with the world's first publicly offered tokenized government bond.

Significantly, this strategic partnership solidifies KuCoin’s position in the global financial landscape. It also underscores the growing adoption of blockchain technology and Thailand’s favourable crypto environment.

G-Token Gets Support from Cryptocurrency Exchange

According to a recent press release , KuCoin, a Seychelles-based cryptocurrency exchange, has joined hands with Thailand’s Finance Ministry. Through this landmark partnership, the firm joins a consortium backing G-Token, an inaugural tokenized government bond initiative. The official statement read,

"KuCoin has entered into a consortium agreement and formed a strategic partnership with XSpring Digital…will serve as one of the first digital asset exchanges to support the subscription, redemption and listing of the project."

Alongside partners XSpring Digital, SIX Network, and Krungthai XSpring, the exchange will be responsible for G-Token subscription, redemption, and listing processes. The project will reportedly see initial listings on licensed Thai exchanges. It will also be expanded to KuCoin's global platform, subject to regulatory compliance. The first issuance is valued at 5 billion baht ($153 million), targeting broader retail participation in sovereign debt.

Expressing excitement for the new initiative with one of the most crypto-friendly countries, CEO BC Wong noted,

"KuCoin has always been committed to bridging traditional finance with the crypto world through secure and innovative solutions. Supporting Thailand's Ministry of Finance and XSpring on the world's first sovereign tokenized bond demonstrates our leadership in RWA adoption. We are proud to be the first and the only global exchange to support the G-Token, which sets a global benchmark for financial innovation and inclusion."

Thailand’s Crypto Ambitions

Interestingly, the G-Token program further bolsters Thailand’s vision of establishing a cryptocurrency hub. The country has long been taking the initiative to foster digital asset innovations and tackle inherent risks.

On August 18, the government unveiled a tourist crypto payment package called the TouristDigiPay . This digital asset payment initiative enables international tourists to seamlessly exchange cryptocurrency for Thai baht, paving the way for widespread adoption.

In a vision to foster both its cryptocurrency sector and the tourism industry, the country is set to launch a crypto sandbox by October in Phuket. This initiative will bring together regulators and industry players to promote innovation while ensuring oversight.