Thailand could become a crypto hub in Southeast Asia in the near future. According to a report released by Bangkok Post, the Stock Exchange of Thailand (SET) is planning to apply for a digital license. With it, the SET would be able to operate a cryptocurrency trading platform.
Thailand’s Stock Exchange Moves Towards Digital ASses
Cryptocurrencies have been expanding all over the world. Investors have also been demanding more platforms to offer crypto-related services. This time, the SET seems to be thinking about starting a cryptocurrency exchange if it receives the necessary approval from financial regulators in the country.
As reported by Pattera Dilokrungthirapop, the chairwomen of the Association of Securities Companies and part of the SET’s board of governors, the SET is planning to enter the crypto market offering brokerage services for digital asset trading.
If the application is approved, the exchange will become one of the first in the world setting up a crypto exchange. The approval must be provided by the Finance Ministry, which is the financial authority of the country. The Thai regulator is known as SEC.
There are several companies that seem ready to enter the market. Pattera said about this issue:
“Securities firms are currently waiting for the SET to apply for a license. For us, digital asses are expected to grow in the future as investors gain more understanding of this asset class.”
Thailand is moving ahead in the cryptocurrency market. There are several regulatory agencies around the world that are taking very hard measures towards digital currencies. However, Thailand seems to be going in another direction.
The country wants to become an increasingly attractive destination for cryptocurrencies and blockchain technology. The government has been promoting different initiatives that aim at expanding the local blockchain ecosystem.
For example, back in June, the government legalized several cryptocurrencies, including Litecoin (LTC), Bitcoin (BTC), Ethereum (ETH) and many others. Additionally, the SEC has created clear regulations regarding Initial Coin Offerings (ICOs).
Topp Jirayut Srupsrisopa, co-founder and CEO at Bitkub, said:
“This is definitely a positive direction for crypto-currency and blockchain technology in Thailand as the space is being legitimized by the regulators. This will encourage an influx of traditional investors and more institutional money will flow to the cryptocurrency industry in Thailand.”