Breaking Down Borders: TokenX CEO’s Vision to Unify Thailand’s Fragmented RWA Market

Chattinan Chatsiharat, CEO of TokenX, met with Decenter in Haeundae-gu, Busan on the 29th. / Photo = Decenter Real-Linked Assets (RWA), which issues real assets such as real estate, stocks, and bonds as blockchain-based tokens, is the virtual asset market. is creating a new wind. In order to dominate the RWA market, which is attracting attention as a new financial source, traditional financial companies representing countries around the world are rushing to enter the tokenization market. SCBX, Thailand’s largest financial holding company, also established TokenX, a real asset tokenization subsidiary, in 2021 and entered the RWA market. “Token “We are providing RWA solutions in collaboration with InvestX, another SCBX subsidiary.”

TokenX, which obtained an initial coin offering (ICO) license from Thailand’s Securities and Exchange Commission (SEC) shortly after its establishment, has been providing tokenization services to its partners for the past three years. The tokenization service uses its own blockchain network, TKX Chain. The biggest challenge faced while operating a tokenization service early on is that awareness of RWA itself is still at an infancy level. He said, “We need to continue to inform investors who are unfamiliar with virtual assets and RWA of their advantages.”

Complex regulations are also a hindrance. Because of the unique nature of RWA, which is a virtual asset based on real assets, it is necessary to be familiar with the regulations for both virtual and real assets. Because it is a new market, there are many areas where the regulatory framework is not yet in place. CEO Chatsiharat said, “It takes a long time in terms of regulatory compliance because it requires a lot of communication with regulatory agencies that create related laws and regulations.” He added, “The current RWA market is very fragmented and there is no common standard, so there is a huge difference in legal regulations in each country.” “There are differences and it is difficult to determine what is legal and what is illegal,” he pointed out.

He added that collaboration with operators in other countries is also essential due to the unclear RWA regulatory environment. He said, “In order to further raise awareness of the RWA market and ensure true popularization, it is not enough to lead the market alone,” and added, “A consensus was formed that a pilot project was needed to resolve regulatory differences in each country and share ideas. “This is why TokenX participated in a consultative body comprised of six Asian exchanges, including Busan City’s RWA exchange Bidan, Japan’s Osaka Digital Asset Exchange (ODX), and Singapore’s ADDX. The Asia Digital Asset Exchange Alliance (ADEA) was launched.

ADEA’s specific collaboration plans are under discussion. He explained, “We are still in the preparation stage and discussing the optimal collaboration method. Our goal is to ensure that tokenization takes place in two or more countries and that tokens can move freely between exchanges.” He continued, “Through cooperation between exchanges in each country, “We will seek to gain a clearer understanding of the ambiguous regulatory framework and establish acceptable business scopes in each country,” he said. “We will allow investors from various countries to enter the RWA market without worry, and further open the market to institutional investors.” “He expressed his ambition.

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