Thai Stock Exchange (SET) to Launch Crypto Trading Exchange

Jan 19, 2019 at 09:01 Update Date :Jan 19, 2019 at 09:01 UTC

 

The Stock Exchange of Thailand (SET) is all set to begin a new innings as a crypto trading platform.

According to media reports, SET is planning to apply for a digital assets licence from the country’s Ministry of Finance this year in order to launch the platform.

Growing Crypto Interest

Pattera Dilokrungthirapop, vice-chairwoman of the SET board of governors and chairwoman of the Association of Securities Companies, said that this step has been taken to capture the attention of a growing number of crypto investors.

The added advantage of this platform is that all members of SET could apply to become potential brokers and dealers on the trading platform, not necessarily dealing in cryptocurrencies.

Dilokrungthirapop told a news outlet:

“Securities firms are currently waiting for the SET to apply for a licence. For us, digital assets are expected to grow in the future as investors gain more understanding of this asset class.”

The crypto fever seems to be gripping the country slowly yet surely. Just last week, four companies were provided with the digital assets licence to operate their respective platforms by the Ministry of Finance.

While Bitcoin Exchange, Bitkub Online, Satang Corporation (Satang Pro), and Coins TH Co. were among the firms who had their licenses issued, Cash2coin and Southeast Asia Digital Exchange (SEADEX) had their license applications rejected.

The Road Ahead

The SET is equivalent to an authority figure in the Thai financial scheme of things and would be granted the license for operation of the crypto exchange without much debate.  Dilokrungthirapop has also suggested that SET could have an advantage in the market over other, lesser-known exchanges.

Jirayut Srupsrisopa, chief executive of Thai crypto exchange Bitkub, stated that an exchange set up by the SET would benefit from the stock exchange’s current inventory and trust earned from investors. Bitkub is among few of the existing exchanges that have expressed their desire to partner up with SET for it’s entry into the digital asset space.

The exchange could join other exchanges like BitGo, a cold storage crypto trading firm and Currency.com, a Belarus-based tokenized security exchange in establishing a new and unique venture.

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