Stock Exchange of Thailand Unveils Plan to Enter the Crypto Space

The Stock Exchange of Thailand is reportedly planning to launch a cryptocurrency trade. The securities corporations which might be members of the trade will also apply for cryptocurrency broker-dealer licenses with the nation’s regulator. Thailand presently has three licensed crypto exchanges.

SET Planning to Enter the Crypto Space

The Stock Exchange of Thailand (SET), the nation’s nationwide inventory trade, is reportedly planning to function a cryptocurrency trade that’s separate from the inventory trade.

Stock Exchange of Thailand Unveils Plan to Enter the Crypto Space
Pakorn Peetathawatchai

Dr. Pakorn Peetathawatchai, President of the SET, revealed on Thursday that the bourse is getting ready to take a look at a digital trade prototype in the second half of this yr, Post Today reported. The Bangkok Post elaborated that the bourse goals to “open a new exchange and become an authorised digital asset exchange this year,” including that particulars reminiscent of the back-office system and which pockets to use for token storage are being labored out.

Stock Exchange of Thailand Unveils Plan to Enter the Crypto Space

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The information outlet reported Pattera Dilokrungthirapop, chairwoman of the Association of Securities Companies and vice-chairwoman of the SET’s board of governors, commenting:

The bourse desires to catch the rising funding development of digital belongings.

The SET is overseen by the Thai Securities and Exchange Commission (SEC) and presently operates beneath the authorized framework laid down in “the Securities and Exchange Act, B.E. 2535 (1992),” its web site particulars.

SET’s Members to Also Enter the Crypto Space

Dilokrungthirapop defined that the SET plans to cooperate with its members to arrange the crypto trade, noting that securities corporations which might be members of the SET also plan to apply for crypto broker-dealer licenses so as to commerce on the SET’s new trade. She was additional quoted by the Bangkok Post as saying:

Securities companies are presently ready for the SET to apply for a license. For us, digital belongings are anticipated to develop in the future as traders achieve extra understanding of this asset class.

Thailand’s cryptocurrency regulation went into impact in May, putting in the nation’s SEC as the foremost regulator of the crypto business. The finance ministry has the authority to challenge licenses to companies wanting to function crypto companies.

Stock Exchange of Thailand Unveils Plan to Enter the Crypto Space

The ministry just lately issued licenses to 4 cryptocurrency corporations. 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 solely 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 suppose of the Stock Exchange of Thailand getting into the crypto house together with its brokers and sellers? Let us know in the comments part below.

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