The Stock exchange of Thailand (SET) are reportedly seeking to obtain a license to float a cryptocurrency exchange.
Local new outlet the Bangkok Post reported Thursday that the SET were planning to apply for a digital asset license from the country’s Finance ministry.
“The Stock Exchange of Thailand (SET) plans to apply for a digital asset operating license from the Finance Ministry aiming to open a new exchange and become an authorized digital asset exchange this year,” the Bangkok post report read.
The vice-chairwoman of the SET’s board of governors, Pattera Dilokrungthirapop explained that the SET is hoping to capitalize on the growing trend of investments in cryptocurrency as it will become of the few global exchanges to establish a crypto exchange separate from a stock exchange. According to her, the SET is expected to have an upper hand over other crypto exchanges in terms of large capital and trust.
Pattera, who is also the chairperson of the Association of Securities Companies disclosed that securities companies that are members of the SET are also planning to become brokers and dealer on SET’s digital asset exchange if it is approved.
Cryptocurrency and Blockchain Adoption in Thailand
SET’s desire to enter the cryptocurrency market underlines the growth of crypto industry in Thailand over the past couple of months. The country is fast becoming a regional leader in the adoption of cryptocurrency and blockchain. Along with blockchain-friendly Hong Kong and Singapore, Thai regulations have seemed to encourage cryptocurrency development in the region at large.
As Smartereum reported last June, the country’s Securities and Exchange Commission (SEC) set out clear rules for cryptocurrencies and Initial Coin Offerings (ICOs) in the country. Soon after the regulations were outlined, at least 50 ICOs and 20 cryptocurrency operators and 5 ICO portals indicated interest in obtaining requisite licenses and working with the government.
There’s No Rush
Despite the downturn in crypto markets since the rollercoaster of 2017, investors and traders have maintained interest in digital assets all over the world. And while SET is hoping to catch on this trend it is in no hurry to launch its crypto platform, Pattera says.
Pattera was quoted as saying:
“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. 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.”