News reaching Ethereum World News indicate that the Stock Exchange of Thailand (SET) has set in motion plans to apply for a digital asset operating licence from the nation’s Finance Ministry. SET aims at using the licence to open a new digital asset exchange before the end of this year.
Pattera Dilokrungthirapop, Chairwoman of the Association of Securities Companies and Vice Chairwoman of the SET’s board of governors, explained that the new exchange will be part of the country embracing the growing investment trend of digital assets. Other securities companies that are members of the SET plan on applying to become broker-dealers for digital assets that will be listed on the new exchange.
The New Digital Asset Exchange Will be Separate Form the Stock Exchange
According to the Bangkok Post, the new digital asset exchange will be separate from the country’s main Stock Exchange but will have access to the same capital and trust of the traditional market. Ms. Pattera added that the digital asset market will go beyond handling just cryptocurrencies.
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 licence. For us, digital assets are expected to grow in the future as investors gain more understanding of this asset class.
Finance Ministry Approves 4 Digital Asset Business Licenses
Earlier on this month, the Thai Finance Ministry approved digital asset business licenses for four companies. They are Bitcoin Exchange, Bitkub Online, Satang Corporation (Satang Pro), and Coins TH Co. At the same time, the Finance Ministry rejected applications for two firms: Cash2coin and Southeast Asia Digital Exchange (SEADEX). These two firms did not meet the criteria outlined by the ministry such as having robust cyber security, custody services, effective KYC procedures and more.
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Disclaimer:This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.