J Ventures Co Ltd, a subsidiary of SET-listed Jay Mart Plc, will begin trading its cryptocurrency JFin coin on May 2 on Coin Asset, moving out of the Thai Digital Asset Exchange (TDAX) following TDAX's temporary suspension of domestic digital asset registration.
TDAX is awaiting clearer developments on the government's digital asset taxation.
"The TDAX announcement does not affect trading of digital assets previously registered on TDAX. Members can trade their registered digital assets as usual," said TDAX in a statement.
J Ventures previously planned to launch secondary market trade of JFin coin on the TDAX as the digital exchange in February completed an initial coin offering of 100 million JFin tokens at 6.60 baht per token.
"We are not trying to break the law, but [the secondary market offering] might be delayed further if we wait for the law to be enacted. It is similar to driving a car on the road with no traffic lights -- we want to drive with good judgement," said J Ventures chief executive Thanawat Lertwattanarak.
"The regulator can install traffic lights where they want to see the car stop," said Mr Thanawat.
Since the tax plan on digital asset transactions remains unclear, the company has already paid value-added tax (VAT) to the Revenue Department to minimise risks and is ready to comply with the law if a 15% withholding tax on capital gains is imposed, he said.
According to the a draft royal decree to regulation digital asset transactions, investors who make digital-asset-related trades will be liable for 7% VAT, on top of a 15% withholding tax on capital gains and returns from such investments, once the new law is enforced.
The series of levies is designed to discourage people from speculating in digital assets. But retail investors will be exempt from paying the VAT if they trade digital assets through exchanges.
Mr Thanawat said financial regulators have never sent any letters to the company to stop or postpone its ICO or trading of digital tokens.
The company is willing to comply with the regulators' guidelines, in an effort to take care of JFin coin holders, he said.
More than 2,000 investors who bought JFin tokens and want to begin trading on May 2 can register and transfer these digital tokens to Coin Asset (www.coinasset.co.th), through which the company will send emails to inform investors accordingly, said Mr Thanawat.
JFin coin will also become tradable at Cash2Coins, a new Thai digital asset exchange with total trade volume worth around $US2 million (63 million baht) per day, on May 9, he said.
"We launched first-day trade at a digital currency exchange for our first 100 million tokens and we want to see [the development of] transactions and market value simultaneously. It is ideally preferable that total supply [of JFin coin] does not spread to many exchanges in the first trading week," said Mr Thanawat.