The Stock Exchange of Thailand (SET) is looking to capitalize on investor interest in cryptos by offering a new digital assets exchange.
According to a report from Bangkok Post on Thursday, the SET is planning to apply for a license from the country’s Ministry of Finance to operate the platform.
The move comes as the exchange looks to capture the growing investor demand for cryptos, Pattera Dilokrungthirapop, vice-chairwoman of the SET board of governors, said in the report.
The stock exchange will work to have a sound technical system in place for the offering, as well as a digital wallet for token storage, with the aim being to launch this year.
Pattera, who is also chairwoman of the Association of Securities Companies, added that securities company members of the SET already plan to apply to become brokers and dealers to trade on the new exchange.
In May of last year, the SET launched a crowdfunding marketplace built on blockchain technology. The service, dubbed LiVE, uses blockchain to enable peer-to-peer trading in an effort to help startups access new capital from investors, including those drawn from the venture capital and institutional investor worlds.
Last week, the finance ministry granted digital asset business licenses to four firms: Bitcoin Exchange, Bitkub Online, Satang Corporation (Satang Pro), and Coins TH Co. Two other firms, Cash2coin and Southeast Asia Digital Exchange (SEADEX), were denied the license, while a third application from Coin Asset is still under consideration.
While the ministry grants the licenses, the country’s Securities and Exchange Commission actually regulates crypto businesses in the country under the “Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).”
Thailand first announced its crypto licensing rules in July of last year, with 20 crypto firms applying for the license within a month. The rules require projects that intend to offer crypto services to gain approval from the SEC before starting operations.
SET image via Shutterstock