SET (Stock Exchange of Thailand) is exploring the options of capitalising on investor interest in cryptocurrency by developing a new exchange for digital assets. According to reports, SET has plans of applying for a licence to operate the platform from the country’s Ministry of Finance. Pattera Dilokrungthirapop (Vice Chairwoman of SET) in one of her statements noted that the intention behind the move is to capture the growing demand of investors in the crypto industry. The stock exchanges launch is in the pipeline for this year. The exchange is expected to have a sound technical system in place for the offering along with a digital wallet for token storage.
The Chairwoman of SEC, Pattera went on to say that securities company members of the SET already plans to apply to become brokers and dealers to trade on the new exchange. SET also launched a crowdfunding marketplace developed on blockchain technology in May last year. In order to enable a peer to peer trading, the service dubber LiVE with the intention of helping startups access new capital from investors regardless of whether they are drawn from venture capitals or institutional investor worlds.
Four digital asset firms were granted the license by the Ministry of Finance: Bitcoin Exchange, Satang Corporation, Coins TH Co and Bitkub Online. Cash2coin and SEADEX (Southeast Asia Digital Exchange) were not granted the licence to operate while application by Coin Asset is still under review.Although the Ministry is responsible for granting licences, under the ‘ Emergency Decree of Digital Asset Businesses B.E 2561 (2018) the countries Security and Exchange Commission is actually responsible for regulating crypto businesses in the country.
It was in the month of July last year when Thailand first announced its rules concerning crypto licensing when a total of 20 firms dealing in crypto applied for the same within a span of one month. The rule essentially is meant to make sure that projects intending to offer crypto services must gain approval from SEC before starting operations.