KuCoin

Thailand is moving forward with its tokenized bond program and has enlisted KuCoin as the lead crypto exchange for the initiative.

Summary

• Thailand has selected KuCoin as the lead exchange for its G-Token initiative, the country’s first tokenized government bond program.
• The exchange will manage subscriptions, redemptions, and secondary trading in partnership with XSpring Digital, Krungthai XSpring, and SIX Network.
• KuCoin launched its Thai platform earlier this year, becoming one of the country’s regulated exchanges.

Crypto exchange Kucoin has been selected as the first platform supporting the tokenized bond initiative by the Thailand government. According to an official August 27 release, the Thailand arm of the exchange will join the consortium supporting the G-Token initiative, the country’s new tokenized government bond. 

KuCoin will oversee subscriptions, redemptions, and secondary trading, alongside partners like XSpring Digital, Krungthai XSpring, and SIX Network, while also providing advisory support to the Public Debt Management Office.

The move follows Thailand’s cabinet approval of the G-Token framework under the Public Debt Management Act in May. The program is designed to modernize public fundraising, expand retail access to government bonds leveraging blockchain technology.

Upon the initial rollout, the token will be limited to local exchanges, with the potential to list on global platforms like KuCoin later, subject to regulatory approval. 

KuCoin’s involvement reflects its status as one of the country’s licensed exchanges. The company launched KuCoin Thailand in June after acquiring and rebranding ERX, the country’s first regulated exchange, making it one of nine platforms approved by the Thai SEC.

CEO Johnny Lyu said in the release, “We are honored to support Thailand’s historic G-Token project, which demonstrates the power of blockchain in sovereign finance and reinforces our commitment to regulated markets”.

What is Thailand’s tokenized bond program?

Thailand’s G-Token is a blockchain-based version of government bonds, issued directly under the Public Debt Management Act. The Ministry of Finance confirmed that the first issuance will total 5 billion baht, or $150 million, with principal and interest fully backed by the state.

The key feature is accessibility. Unlike traditional Thai government bonds that often require higher minimum investments, G-Token can be purchased starting at just 100 baht, around $3. This makes sovereign debt available to retail investors at scale, directly through licensed exchanges like KuCoin Thailand.

The program matters because it brings tokenization into the core of public finance. Transactions, ownership, and transfers of the bonds will be recorded on blockchain rails, offering transparency and settlement speed that conventional bond markets lack. Compared with pilots in Hong Kong and Singapore that focused on institutions, the Thailand government is going directly to retail investors, making G-Token one of the first sovereign digital bonds designed for mass adoption.

By adopting digital bonds, Thailand is positioning itself as a regional leader in financial technology, showing how blockchain can strengthen public finance while maintaining regulatory oversight. The first G-Token issuance will serve as a pilot phase, with the potential for future expansions depending on investor demand.

The G-Token launch is part of a broader push to embrace the digital asset class by the current Thai administration. 

Thailand’s crypto stance

Thailand is one of the leading pro-crypto countries in Asia, building a regulatory framework that blends investor protection with support for innovation. The government recently announced a five-year exemption on capital gains tax for crypto transactions, aiming to boost tax revenue and position the country as a global digital asset hub.

Other initiatives include the launch of a “TouristDigiPay” initiative earlier this month, which allows foreign travelers to exchange digital assets for Thai currency through regulated electronic payment channels.

The G-token initiative underscores how tokenization is moving from pilot projects into national financial infrastructure. With KuCoin as its lead exchange partner, Thailand is betting that blockchain can make government bonds more accessible and more efficient, setting a precedent that other governments may soon follow.

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