Thailand moves toward crypto ETFs, futures and tokenised investment products

  • SEC deputy secretary-general Jomkwan Kongsakul said crypto ETF rules could be issued early this year.
  • Thailand’s SEC will treat crypto as another asset class and allow up to 5% portfolio allocation to digital assets.
  • KuCoin Thailand is seeking to resolve an SEC suspension linked to capital requirements and a shareholder dispute.

Thailand’s Securities and Exchange Commission is preparing a new set of regulations designed to bring crypto investment products further into the country’s formal financial system.

The regulator is working on rules to support crypto exchange-traded funds (ETFs), crypto futures trading, and tokenised investment products, according to SEC deputy secretary-general Jomkwan Kongsakul.

The Bangkok Post reported on Thursday that the SEC aims to issue formal guidelines for crypto ETFs in Thailand “early this year.”

The move signals Thailand’s effort to position itself as a regional crypto hub for institutional investors, even as retail trading remains active despite a ban on crypto payments.

Crypto ETFs move closer to formal approval

Kongsakul said the SEC’s board has approved crypto ETFs in principle and the agency is now finalising investment and operational rules. He said the regulator sees crypto ETFs as a product that could reduce barriers for investors who may be hesitant about directly holding digital assets.

“A key advantage of crypto ETFs is ease of access; they eliminate concerns over hacking and wallet security, which has been a major barrier for many investors,” Kongsakul said.

Under the proposed framework, the SEC will treat crypto as “another asset class,” and investors will be able to allocate up to 5% of a diverse portfolio to digital assets.

Futures trading planned for TFEX

Alongside ETF guidelines, the SEC is also moving to regulate and enable crypto futures trading on the Thailand Futures Exchange (TFEX).

This would allow investors to gain exposure to crypto price movements through regulated derivatives markets.

Kongsakul said other initiatives under consideration include establishing market makers to support trading liquidity and recognising digital assets as an official asset class under the Derivatives Act.

Thailand has been working to attract more institutional interest in crypto markets, particularly through regulated products that sit within existing legal frameworks.

Tokenisation and sandbox collaboration with central bank

The SEC is also expanding its approach beyond ETFs and futures through tokenisation initiatives.

Kongsakul said the agency is working with the Bank of Thailand on a tokenisation sandbox, which could provide a controlled setting for testing tokenised instruments.

The SEC “will encourage issuers of bond tokens to enter the regulatory sandbox,” Kongsakul added.

By pushing tokenised bond products into a supervised environment, Thailand could develop regulated pathways for blockchain-based issuance without opening the door to unmonitored retail distribution.

Tighter oversight for financial influencers

While expanding products and market access, the SEC is also tightening standards around promotion and investment-related content online.

Kongsakul said the regulator is stepping up oversight of “financial influencers,” signalling that marketing and informal advice will face more restrictions.

He said, “Any recommendation related to securities or investment returns will require proper authorisation as either an investment advisor or introducing broker.”

The rules aim to curb unregulated investment promotion, particularly at a time when digital assets continue to be widely discussed across social media.

KuCoin Thailand works to resolve SEC suspension

The regulatory shift comes as the Thai SEC continues enforcement actions in the local exchange market.

Earlier in January, the SEC suspended KuCoin Thailand’s operations after the company’s capital fell below the minimum requirements for five consecutive days, according to local news outlet The Nation on Wednesday.

KuCoin Thailand said the breach was linked to a shareholder dispute between Singapore’s CI group and KuCoin Global, which prevented approval of a planned capital increase.

The company said the issue was not due to actual financial liquidity problems.

KuCoin entered the Thai market in June 2025 and is planning for its local entity to apply for a digital-asset broker license.

The company said this would allow it to offer a wider range of financial products.

Thailand’s crypto market remains active, with Bitkub, the country’s largest exchange, seeing daily trading volumes of around $60 million.

Even with crypto payments banned, regulators appear to be prioritising controlled investment access through structured products such as ETFs, futures, and tokenised instruments.

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Uniswap brings token launch auctions and price discovery to Base

  • CCA runs fully on-chain auctions that clear bids block by block for gradual price discovery.
  • After auctions end, liquidity is automatically added to a Uniswap v4 pool at the final cleared price.
  • The model aims to reduce sniping, front-running, and bundled transactions during token launches.

Uniswap has rolled out its Continuous Clearing Auctions (CCA) feature on Base, giving developers a new way to launch tokens fully on-chain with built-in price discovery and automatic liquidity setup.

The decentralised exchange confirmed the rollout on Jan. 22, with the CCA framework now available to builders using Uniswap v4 on the Base network.

The update expands Uniswap’s structured token launch tools to one of the busiest Ethereum layer-2 ecosystems, offering teams a single workflow for auctions, pricing, and liquidity.

With CCA now live for Base developers, projects can run token sales that settle gradually over time rather than relying on one-time listings or fixed-price launches that can trigger sharp price swings.

What CCA does on Base

CCA allows teams to run fully on-chain token auctions where tokens are sold gradually instead of all at once.

The mechanism clears bids block by block, which helps prices form naturally before open trading begins.

Once the auction ends, liquidity is added automatically to a Uniswap v4 pool at the final cleared price.

This reduces the need for teams to manually create a pool after launch and aims to avoid common listing issues linked to sudden volatility at the start of trading.

Developers can also adjust auction settings to fit their launch requirements while keeping the entire process on-chain and transparent.

How auctions reduce launch risks

The model is designed to create a fairer starting point for new tokens by spreading distribution over time.

Rather than concentrating activity into a single launch moment, CCA introduces a phased selling process that can lower the impact of sniping, front-running, and bundled transactions.

By clearing bids over multiple blocks, the auction format supports more gradual price discovery.

This can help reduce sharp dislocations that often happen when tokens go live with limited liquidity or when early trading activity is dominated by automated strategies.

For teams, this approach bundles the early steps of a token launch into one on-chain flow, covering auction mechanics, pricing formation, and liquidity provisioning without requiring separate manual actions.

Open access for all Base developers

Uniswap’s deployment on Base is open to all developers building on the network. The feature does not require approvals or special access, meaning any team can integrate CCA into its token launch process.

This open availability may appeal to projects looking for alternatives to private sales or unstable fair-launch formats.

It also supports teams that want a more standardised on-chain approach to distributing tokens while setting up liquidity in a predictable way once the auction completes.

With CCA, teams can rely on the auction’s final cleared price to determine the pool setup, rather than selecting an initial listing price independently.

Uniswap’s wider v4 expansion

The Base rollout follows Uniswap’s broader expansion of v4 tools across multiple chains in recent months.

CCA was rolled out in late 2025 and has already been used by projects such as Aztec Network for early price discovery and liquidity setup.

Uniswap has also been integrating with partners such as Revolut for fiat access and Ledger for safe swaps via its trading API.

Separately, the protocol has gone live on networks including Monad and X Layer.

By bringing CCA to Base, Uniswap is extending structured launch infrastructure into a major Ethereum layer-2 environment, while continuing to expand its product suite and chain support across decentralised finance.

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Tezos price outlook as momentum fades above a key level

  • Tezos price rose to above $0.63 before retreating to under $0.59.
  • Momentum looked to have faded despite news of TenX adding XTZ.
  • From a technical perspective, a break below $0.50 could trigger “further pain” for bulls.

Tezos (XTZ) experienced a brief surge earlier this week amid positive corporate adoption news, rising to above $0.63.

However, with top cryptocurrencies struggling, a retreat to lows of $0.59 leaves bulls facing mounting downward pressure.

Sellers might eye a pullback to a critical support level, and broader market uncertainties suggest further pain could follow.

​Why did XTZ price rise as top coins fell?

Bitcoin dropped to under $90k on Tuesday, pulling most of the crypto market lower as liquidations cascaded across the ecosystem.

But as ETH, XRP, and Solana all dipped, Tezos defied the trend as its price climbed to above $0.63.

Gains continued into early Wednesday as the market digested announcements from TenX, a publicly listed blockchain infrastructure firm.

TenX revealed it had acquired 5.54 million XTZ tokens at an average price of $0.5868 each.

Purchases occurred on the open-market and over-the-counter trades conducted between January 2 and January 19, 2026.

This purchase, valued at around $3.25 million and funded by cash from an August 2025 financing round, forms part of a strategic staking partnership with the Tezos Foundation.

According to details, the deal aims to bolster TenX’s validator operations on the Tezos network, generating staking yields of 8-10% while enhancing network security and decentralization.

“This is a long-term value decision, not a short-term trade,” Mat Cybula, CEO of TenX, noted.

He added:

“Tezos is built for sustainability and upgradability, and we want TenX to be aligned with ecosystems that reflect that.”

Tezos price outlook – Can bulls hold above $0.50?

The technical picture for XTZ reveals a precarious balance on both daily and weekly charts, with $0.50 emerging as a pivotal psychological and structural support.

Indicators like the daily RSI at 56 signal momentum that could shed the bearish outlook.

However, the MACD points to potential sell pressure, which could be compounded by high volatility across altcoins.

On the weekly chart, the bullish long-term trend remains.

Tezos Price Chart
Tezos price chart by TradingView

​On the daily timeframe, XTZ hovers above $0.59, but faces resistance at the $0.63 level.

The 50-day EMA around $0.54 offers a strong support base, but failure at this zone could accelerate declines toward $0.54.

Bulls must defend $0.50 to avert further downside, which potentially has a path to lows of $0.42.

Tezos last traded at these levels in late 2025, with prices having broken lower after breaching the 50-day EMA at $0.63.

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Axie Infinity surges past $2 as GameFi market revives, but caution looms

  • Axie Infinity (AXS) price jumps past $2 amid renewed GameFi investor interest.
  • On-chain data shows rising exchange balances and declining holders.
  • $2 remains a key support, with volatility and profit-taking signalling a looming pullback risk.

Axie Infinity (AXS) has staged an impressive comeback, surging past the $2 mark in the latest rally.

The token’s recovery has captured the attention of GameFi enthusiasts and investors alike.

This rebound comes amid a broader resurgence in the gaming and decentralised finance sector.

Strong AXS price recovery and market momentum

Over the past week, Axie Infinity (AXS) has jumped nearly 92%, highlighting renewed investor interest.

Today, in just 24 hours, the token rose by 19%, with its price currently at $2.406. This surge represents a strong rebound from the $1.06 low recorded earlier this week.

Axie Infinity surges past $2
Axie Infinity price chart | Source: TradingView

Furthermore, AXS’s market capitalisation now stands at $407 million, supported by over $1 billion in daily trading volume.

Such activity underscores the high liquidity and demand driving the current rally.

The rally is partly fueled by renewed optimism in the GameFi space.

Investors are increasingly attracted to projects like Axie Infinity that combine gaming with blockchain incentives.

South Korean traders, in particular, have contributed significantly to the token’s resurgence, trading AXS at a premium on major exchanges.

Additionally, the project’s development of the bAXS token has provided further momentum by promising new staking and ecosystem benefits.

On-chain data signals caution

Despite the bullish momentum, several on-chain indicators suggest caution.

The number of AXS holders has declined sharply in the past week, signalling profit-taking among investors.

Exchange balances have also risen slightly, indicating potential selling pressure that could slow or reverse gains.

Axie Infinity on-chain exchange flow
Source: Arkham

Meanwhile, weekly active addresses on the Ronin network remain below 10,000, showing that user growth has yet to fully recover.

Futures open interest for AXS has reached $130 million, the highest in three years, highlighting elevated speculative activity and liquidation risk.

Furthermore, the transaction flow data presents a mixed picture.

Some investors are withdrawing AXS from exchanges, signalling bullish sentiment.

Others are depositing tokens back onto exchanges, suggesting caution or potential profit-taking.

These conflicting signals emphasise that while the short-term rally is strong, market dynamics remain fragile.

Axie Infinity price forecast

Looking ahead, $2 serves as a critical support level for Axie Infinity.

A sustained move above this point could pave the way for further gains in the short term.

However, the declining holder count and high speculative activity suggest that volatility may persist.

Investors should monitor both trading volume and on-chain metrics to gauge market sentiment.

Long-term growth for Axie Infinity (AXS) will likely depend on revitalising user engagement and expanding its GameFi ecosystem.

Despite the impressive rebound, caution is warranted as the token navigates this critical phase.

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TRON extends downturn from $0.32 on broader crypto woes

  • TRON (TRX) has extended its decline amid a widespread cryptocurrency market pullback.
  • Prices have dropped further from recent highs near $0.32 and could slide to lows of $0.25.
  • Market conditions, including Bitcoin’s performance, will dictate overall movement.

Latest market data shows the TRON token slipping below key support levels at $0.30, with this coming amid downward pressures related to geopolitical and macroeconomic uncertainty.

This comes as reduced risk appetite impacts top coins. Broader market losses tied to jitters around souring US-EU trade relations have spooked investors.

On Tuesday, Bitcoin dropped below $90,000 and briefly slid to $87,800.

Ethereum slid to under $3,000 amid sharp losses for US stocks, while Solana, BNB and XRP all fell below key support levels.

TRON price slips below $0.30

As crypto caught a bid last week, TRON’s price jumped to $0.32.

However, with bulls retreating across the market, the altcoin has once again breached the critical $0.30 support level.

Volume-driven selling has accelerated the drop, with the token now trading near $0.29 as of writing.

The 24-hour trading volume is up 22% to over $770 million.

This slip echoes patterns seen in late 2025, when TRX hovered around $0.28 to $0.30 amid similar market hesitancy.

While the token showed signs of pulling higher,  it generally has underperformed the broader crypto index.

The repeated test of the psychological support and resistance zone highlights indecisiveness.

Technical analysis: What next for TRON?

TRX displays weakening bullish momentum on the daily chart.

As can be seen,  the MACD signals a reversal with the histogram contracting.

Meanwhile, an RSI near 47 signals a potential acceleration towards oversold territory.

On the daily chart above, we can see the TRX price rose as RSI climbed to hit overbought conditions.

The pullback follows these gains and points to profit-taking.

Declines have pushed prices below the support line of a narrow ascending channel, and failure to reclaim $0.30 could allow bears to target lower supports at $0.25.

The 50-day exponential moving average currently acts as key reload zone near $0.29.

TRON Price Chart
TRON price chart by TradingView

As such, upside potential remains if buying interest rebounds amid broader market recovery.

Bulls’ first targets lie in the $0.32-$0.33 resistance zone. Short term, with momentum hinging on broader market conditions, will see bulls eye $0.38 and $0.50.

How BTC navigates the negative terrain is crucial for altcoins, as an extension of bearish price action spells doom for buyers across the crypto market.

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