Stock Exchange of Thailand Applies For a Cryptocurrency Trading Platform License
In an official development, the Stock Exchange of Thailand (SET) is seeking an official license to open a cryptocurrency trading platform, from the Finance Ministry. This will be an authorized digital assets trading platform to be launched this year.
In a word with the Bangkok Post, Pattera Dilokrungthirapop, the vice-chairwoman of the SET’s board of governors said that the stock exchange is willing to capitalize on the growing investment trend in digital assets.
She also added that securities companies can apply to the SET to become dealers and brokers facilitating digital asset trade. However, in the long run, the SET plans to have its own cryptocurrency exchange. If they at all happen to proceed ahead with this plan, they will operate the stock exchange and crypto exchange separately.
There are many securities companies who have expressed interest in becoming brokers dealers for digital assets trade. However, Mrs. Pattera said that the SET is not in any hurry at the moment. “We 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,” she said.
Pattera further added that “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.”
Bitkub Group chief executive Jirayut Srupsrisopa has expressed interest in partnering with the SET for the upcoming crypto exchange. The executive said that his company will have further discussions with the SET on this matter.
Jirayut also said that the SET has an edge over other licensed crypto trading platforms in terms of capital and trust. However, other local crypto exchanges with at least five years of operations have the expertise and experience of dealing with the volatile cryptocurrency market. He believes that the licensed crypto exchanges have an better understanding of the crypto trades and its investors’ group.
Over the last year, the cryptocurrency landscape in Thailand has shown a progressive sign. The government and regulatory authorities seem more willing to streamline operations in this South East Asian country. Other neighboring countries like Malaysia and Singapore are also seen taking similar steps.