Stock Exchange of Thailand Unveils Plan to Enter the Crypto Space
The Stock Exchange of Thailand is reportedly planning to launch a cryptocurrency exchange. The securities companies that are members of the exchange will also apply for cryptocurrency broker-dealer licenses with the country’s regulator. Thailand currently has three licensed crypto exchanges.
SET Planning to Enter the Crypto Space
The Stock Exchange of Thailand (SET), the country’s national stock exchange, is reportedly planning to operate a cryptocurrency exchange that is separate from the stock exchange.
Dr. Pakorn Peetathawatchai, President of the SET, revealed on Thursday that the bourse is preparing to test a digital exchange prototype in the second half of this year, Post Today reported. The Bangkok Post elaborated that the bourse aims to “open a new exchange and become an authorised digital asset exchange this year,” adding that details such as the back-office system and which wallet to use for token storage are being worked out.
The news outlet reported Pattera Dilokrungthirapop, chairwoman of the Association of Securities Companies and vice-chairwoman of the SET’s board of governors, commenting:
The bourse wants to catch the growing investment trend of digital assets.
The SET is overseen by the Thai Securities and Exchange Commission (SEC) and currently operates under the legal framework laid down in “the Securities and Exchange Act, B.E. 2535 (1992),” its website details.
SET’s Members to Also Enter the Crypto Space
Dilokrungthirapop explained that the SET plans to cooperate with its members to set up the crypto exchange, noting that securities companies that are members of the SET also plan to apply for crypto broker-dealer licenses in order to trade on the SET’s new exchange. She was further quoted by the Bangkok Post as saying:
Securities firms are currently waiting for the SET to apply for a license. For us, digital assets are expected to grow in the future as investors gain more understanding of this asset class.
Thailand’s cryptocurrency regulation went into effect in May, installing the country’s SEC as the main regulator of the crypto industry. The finance ministry has the authority to issue licenses to businesses wanting to operate crypto businesses.
The ministry recently issued licenses to four cryptocurrency companies. Three of them are exchanges: Bitcoin Exchange Co. Ltd. (Bx), Bitkub Online Co. Ltd. (Bitkub), and Satang Corporation (Satang Pro). Coins Th Co. Ltd. is the only broker-dealer licensed. Meanwhile, three crypto exchanges have been rejected: Coin Asset Co. Ltd., Cash2coin Co. Ltd. and Southeast Asia Digital Exchange Co. Ltd. (Seadex).
What do you think of the Stock Exchange of Thailand entering the crypto space along with its brokers and dealers? Let us know in the comments section below.
Images courtesy of Shutterstock and the Thai SET.
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