Thailand’s Stock Exchange Dives Into Crypto, Plans to Open Digital Asset Exchange
In reaction to growing demand, the Stock Exchange of Thailand (SET) says it’s preparing to launch a new digital asset exchange.
SET is planning to apply for a digital asset operating license from the country’s Finance Ministry in order to launch a new crypto exchange this year. If approved, the new exchange would operate separately from the stock exchange, according to The Bangkok Post.
Vice chairwoman of SET’s board of governors, Pattera Dilokrungthirapop, says that SET wants to catch the growing wave of digital assets. She thinks the company’s “large capital and trust” will give them the upper hand compared to other licensed digital exchanges. SET currently lists 688 companies with a combined market capitalization of $560 billion.
While the Finance Ministry is the regulatory body that grants digital asset business licenses, Thailand’s Securities and Exchange Commission regulates digital asset exchanges and businesses.
Pattera, who is also chairwoman of the Association of Securities Companies, says securities firms are taking a careful but interested approach to the new asset class.
“We [securities firms] are not in a hurry to enter the digital asset trade, as some companies are still managing their core businesses, while cryptocurrencies are just one of the [digital] asset classes where brokers can adapt their trading platforms to serve digital trading…
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.”
Last week, the Finance Ministry granted digital asset business licenses to four companies including Bitcoin Exchange, Bitkub Online, Satang Corporation (Satang Pro) and Coins TH Co.
Thailand first announced its initial coin offering (ICO) licensing rules last July. At that time, 20 crypto firms applied for a license within a month.
SET will be kicking off a roadshow on January 19 to educate stakeholders on digital assets and cryptocurrencies.