Thailand has appointed KuCoin as the first global exchange to support its groundbreaking G-Token program, the world's first publicly offered tokenized government bond. Announced in May, this initiative aims to issue bonds worth 5 billion baht (approximately $153 million) and enhance retail investor access to sovereign debt. KuCoin Thailand will manage subscriptions, redemptions, and listings in partnership with local entities including XSpring Digital and Krungthai XSpring. The bonds will initially be traded on domestic exchanges with plans for global listings, contingent on regulatory approval. The program seeks to position itself as a model for other governments considering tokenized debt, combining the reliability of traditional bonds with the benefits of blockchain technology. However, challenges remain, particularly in terms of regulatory confidence, security, and ensuring compliance within decentralized environments. In a related move, Thailand has also exempted capital gains taxes on crypto sales for five years to bolster its position as a leading global hub for digital assets.

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