SET to Ask Digital Asset Operating License from the Thai Government

February 27, 2019

The Stock Exchange of Thailand (SET) is seeking a license from the Ministry of Finance of Thailand to become an authorized digital asset exchange.
As reported by the Bangkok Post, the bourse aims to open a new exchange with authorization from regulatory bodies to facilitate digital asset trading. According to Vice Chairwoman of the SET Board of Governors, Pattera Dilokrungthirapop, SET wants to be a part of the changing investment trend.

The new digital assets exchange will be established in cooperation with securities companies that are members of SET. Institutional traders and other SET members are expressing interest in becoming licensed brokers and dealers at the new exchange.

According to the Bangkok Post, the license will make SET one of the few stock exchanges worldwide with a separate digital asset exchange fostering crypto trade. SET, which already benefits from deep liquidity and as a trusted establishment, will further entrench its advantage once it obtains the digital assets exchange license. The bourse is looking forward to setting up a robust operating system, back-office systems, and a highly secure e-wallet for token storage.

Thailand has been aggressively keeping pace with the adoption of distributed ledger technology. In a recent initiative, the Thai government piloted a blockchain project to combat tax fraud. Although governance and regulatory bodies are encouraging the stronger establishment of crypto trade and blockchain technology, securities firms and Thai traders are in no hurry to adopt cryptocurrencies for core business operations.

According to Dilokrungthirapop, cryptocurrencies are still an asset class, and brokers can use SET’s trading platform for efficient and secure trading.

The Bangkok Post reported that SET will be organizing roadshows, seminars, and investment expos. These events will educate and inform investors about the digital asset industry and platform operations. SET expects digital assets to grow as a class, as investors gain a better understanding of them. Investors who are willing to be a part of the Thai blockchain revolution need to pay close attention to the development of this licensed digital asset exchange.

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