The Stock Exchange of Thailand (SET) is planning to apply for a digital asset operating license, allowing them to open an authorised digital asset exchange.
The Bangkok Post reported the move which, if successful, will see Thailand become one of the only countries in the world to have a fully licensed digital asset exchange that is separate from a regular stock exchange. It is believed that the SET will apply for the license from the Ministry of Finance, a cabinet ministry in Thailand’s government.
Reportedly, the SET wants to catch the ever-growing investment trend of digital assets.
It is thought that the securities companies that are members of the SET are preparing to apply to become brokers and dealers for digital assets.
Pattera Dilokrungthirapop, the chairwoman of the Association of Securities Companies and vice-chairwoman of the SET’s board of governors, commented that the SET is expected to have the upper hand compared to licensed digital asset exchanges because they have “large capital and trust.”
However, she also notes that the SET will need to devise a good operating system and figure out remaining details such as back-office systems and an e-wallet for storing cryptocurrencies.
It has been reported that the SET and its members will organise their seminar for digital businesses on Saturday. The seminar will showcase the outlook of the securities business as well as the SET’s policy on digital asset exchanges.
In August, Coin Rivet reported that seven licenses had been granted to cryptocurrency exchanges in Thailand, showing the country’s positive stance on the digital asset class in general.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.