32.1 C
Monday, May 27, 2024
HomeBlockchain InfrastructureThailand's Stock Exchange Eyeing a Digital Asset License

Thailand’s Stock Exchange Eyeing a Digital Asset License


Related stories

Thailand’s Stock Exchange (SET) is reportedly planning to apply for a digital asset operating license. If granted by the country’s Finance Ministry, the license will see the SET becoming an authorized digital asset exchange. 

SET Eying a Digital Asset License

According to a report from the Bangkok Post, SET intends to apply to the country;’s Finance Ministry in order to obtain a license for operating with digital assets. If granted, the exchange will be able to establish a cryptocurrency trading platform.

According to the Chairwoman of the Association of Securities Companies, and vice-Chairwoman of the board of governors of SET, Pattera Dilokrungthirapop, the exchange wants to start catching up with the growing trend in cryptocurrency investing.

While the SET’s attested its interest in the field, according to Pattera, it won’t be rushing into it:

We [securities firms] 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 where brokers can adapt their trading platforms to serve digital trading. […] 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 and Blockchain

Thailand’s involvement with cryptocurrencies and blockchain goes back some time.

Live Bitcoin News reported that the country’s Revenue Department is planning to use blockchain technology as well as artificial intelligence in order to crack down on tax evasion, as well as to improve refunds and tax filing.

Additionally, the Bank of Thailand has also stated that they would be using DLT-based technology to issue their own Central Bank Digital Currency (CBDC).

What do you think of SET’s decision to apply for a digital asset license? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock


Latest stories