Thailand’s National Stock Exchange venturing into the cryptocurrency space

Thailand’s National Stock Exchange venturing into the cryptocurrency space

Thailand has increasingly become conducive to virtual currencies with the South Asian country’s national Stock Exchange reportedly planning to launch a cryptocurrency exchange. The Stock Exchange of Thailand [SET], is looking to apply for a digital license in order to facilitate the trade of cryptocurrencies.

Members of the SET will also join the crypto-fever by applying for a cryptocurrency broker-dealer license with Thailand’s regulatory authorities. The Bangkok Post reported that the newly formed cryptocurrency exchange will operate independently of the stock exchange once the license is procured from the Finance Ministry.

The investment in digital assets is soaring and the bourse wants to be a part of the same said Pattera Dilokrungthirapop, the chairwoman of the Association of Securities Companies and vice chairwoman of the SET’s board of governors.

She said:

“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.”

While the Finance Ministry has the authority to issue licenses for digital assets exchanges, the country’s Securities and Exchange Commission [SEC] will issue regulatory guidelines for the new cryptocurrency exchange. Thailand’s cryptocurrency regulations were first enforced back in May 2018, which made the SEC the primary virtual currency regulator.

Three exchanges and one broker-dealer have been issued licenses from the Finance Ministry since the regulation came into effect. The exchanges that were conferred licenses: bitcoin $BTC [BTC] Exchange Co. Ltd [Bx], Bitkub Online Co.Ltd [Bitkub], and Satang Corporation [Satang Pro] with Coins Th Co. Ltd the only broker-dealer provided the license.

Jirayut Srupsrisopa, the chief executive of Bitkub Group, stated that the national exchange will have an edge over the other digital asset exchanges due to their vast capital, government backing and five years of experience since the country was introduced to cryptocurrencies.

He further added that Bitkub will look to possibly partner up with the SET for their cryptocurrency exchange and the company will engage in discussion with the national stock exchange.

A roadshow and a seminar on digital assets will be organized by the SET on 19 January to educate their stakeholders about the prospects of cryptocurrencies. Dilokrungthirapop said that the expo will expand on the SET’s policy on cryptocurrency exchanges, artificial intelligence [AI] and robot-trading.

According to Pakor Peetathawatchai, President of the SET, the stock exchange will prepare test runs for the digital exchange prototype in the second half of 2019.

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Published at Sat, 19 Jan 2019 13:03:45 +0000