The Stock Exchange of Thailand (SET) could become the latest entity to obtain a cryptocurrency trading license in the country. This news comes as the bourse is reportedly mulling to become a licensed digital asset trading platform.
SET Eyes Digital Asset License to Trade Cryptocurrency
According to the Bangkok Post, the SET plans to apply to the Thai Finance Ministry, to obtain a digital asset operating license. If granted, the stock exchange could establish its cryptocurrency trading platform.
Reports indicate that the bourse is looking at beginning crypto exchange operations before the end of 2019. For Pattera Dilokrungthirapop, the vice-chair of the SET’s board of governors, the need to become involved in the emerging digital economy is the main reason for the move.
According to Dilokrungthirapop, many companies listed on the SET are already pursuing licenses to become cryptocurrency broker-dealers. Thus, the SET plans to liaise with its member companies to work out modalities for the proposed cryptocurrency exchange platform.
Dilokrungthirapop, who is also the chair of the Association of Securities Companies, says the SET isn’t in a hurry to move ahead with its plans. Commenting on the matter, she explained:
We [the SET] 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. 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.
Thailand’s Growing Digital Economy
The SET’s plan to operate a licensed cryptocurrency exchange platform is yet another example of Thailand’s growing digital economy. Beginning in mid-2018,