The Stock Exchange Of Thailand (SET) has decided to maximize gain from investors interest in cryptos by planning to launch a new digital assets exchange.
To operate the crypto platform, the SET is planning to apply for a license from the country’s Ministry of Finance, as per the report published by Bangkok Post on Thursday.
As said by Pattera Dilokrungthirapop, vice-chairwoman of the SET board of governors in the report that the stock exchange is looking forward to benefit from the growing demand for cryptos and plans to launch new digital assets exchange platform.
The new platform aiming to be launched this year will be supported with the sound technical system to offer crypto trading as well as a digital wallet for the storage of tokens.
The platform has already started getting support from Members of ASC (Association of Securities Companies) as they share interest to become brokers and dealers to trade on the new platform, said Pattera.
There was another initiative taken by SET last year in May when they came up with blockchain technology-based crowdfunding marketplace. The platform to be called as “LiVE” will make use of blockchain technology to enable peer-to-peer trading thereby helping start-ups to access new capital from investors.
Since last week, the Finance Ministry has been involved in granting digital assets business license to Bitcoin Exchange, Satang Corporation (Satang Pro), Coins TH Co and Bitkub Online. Two other firms, Southeast Asia Digital Exchange (SEADEX) and Cash2coin were unable to obtain the license. Apart from that another third application from Coin Asset is still under consideration.
It was in July last year when Thailand announced its crypto licensing rules and saw 20 crypto firms applying for the license within a month. While the ministry approves the application for the licenses, crypto businesses in the country are actually regulated by the country’s Securities and Exchange Commission under the “Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).”
It was July 2018 when crypto licensing rules were announced for the very first time by Thailand. During that period almost 20 crypto firms applied for the license in just 30 days. The rules require projects that intend to offer crypto services to gain approval from the SEC before starting operations.