The Stock Exchange of Thailand (SET) is planning to enter the cryptocurrency market with a new digital assets exchange, in order to tap in the increasing interest of investors in cryptos.
As reported by Bangkok Post on 17th January, SET will be applying for the license to operate the exchange platform from the country’s Ministry of Finance. Pattera Dilokrungthirapop, the vice-chairwoman of the SET board of governors, states in the report that the move is aimed at capturing the growing investor demand for the digital assets.
The stock exchange is working on evolving a sound technical system for the platform, as well as a digital wallet for token storage, to be launched this year. Pattera, who is also chairwoman of the Association of Securities Companies, further adds that securities company members of the SET are planning to apply for positions of brokers and dealers to trade on the new platform.
The SET launched a crowdfunding marketplace built on blockchain technology in May, last year. Dubbed as LiVE, the service employs blockchain to allow peer-to-peer trading so that startups can access new capital from investors including those drawn from the venture capital and institutional investor worlds.
Just last week, the finance ministry granted digital asset business licenses to four firms: Bitcoin Exchange, Bitkub Online, Satang Corporation (Satang Pro), and Coins TH Co. Applications of two other firms, Cash2coin and Southeast Asia Digital Exchange (SEADEX) were rejected, while the application of Coin Asset is still under consideration.
Once the licenses are obtained from the ministry, the crypto businesses are regulated by the country’s Securities and Exchange Commission under the “Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).”