Stock Exchange of Thailand (SET) has recently announced that it shall be preparing to launch a brand new digital asset exchange.
SET has plans to apply for digital asset operation license from the country’s Finance Ministry so they can launch their own crypto exchange sometime this year. If they manage to gain approval, the new exchange will operate separately from the stock exchange.
Pattera Dilokrungthirapop, Vice Chairwoman of SET’s board of governors, has said that Set wishes to catch the on coming storm of digital assets. She believes the company’s “large capital and trust” should give them the upper hand they need when it comes to competing with other licensed digital exchanges. At the current moment, Set has over 688 companies listed along with a market capitalization of up to $500 billion.
While the Finance Ministry may be the regulatory body that grants exchanges their business licenses, Thailand’s Securities and Exchange Commission regulates digital asset exchanges and businesses.
Pattera has further stated that securities firms are taking the best possible care for this project but are interested in getting involved with the new oncoming assets.
“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.”