The Stock Exchange of Thailand (SET) could launch its own digital asset exchange this year.
According to a report by Bangkok Post, SET is planning to apply for a digital asset operating license with the finance ministry. If accepted, it will be allowed to open a new authorized digital asset exchange.
Why Does SET Want a License?
According to Pattera Dilokrungthirapop, chairperson of the Association of Securities Companies and the vice-chair of the board of governors at SET, the exchange doesn’t want to miss out on the growing investment trend in digital assets.
SET’s member security companies are also planning to apply for broker and dealer licenses for digital asset trading when the new exchange comes along.
Pattera noted that the exchange is interested in cooperating with its members to create the new digital asset exchange.
If the finance ministry accepts the proposal, then SET will become one of a handful of global stock exchanges that offer a digital asset trading platform as well.
According to Pattera, SET is expected to gain the upper hand over the rest of the market players because of the trust and large capital the entity has.
How Is SET Approaching this?
SET will need to create an operating system and work on the details of back-office systems and an e-wallet for storing tokens.
In Thailand, the royal decree on the crypto market began in May last year. The market is regulated by the Securities and Exchange Commission and licenses to operate digital asset businesses are provided by the Finance Ministry.
SET and its members will start by organizing a roadshow and a seminar for digital business this Saturday.
The expo is expected to showcase the outlook on the securities business and SET’s digital asset exchange policy at the show. It is also expected to highlight emerging technologies like robo-trading and artificial intelligence.
“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.”