Thailand has been gradually emerging as a force to be reckoned with, as part of its campaign to promote cryptocurrencies in the country.
In that context, Thailand’s Stock Exchange applying for a cryptocurrency license, seems like just the power move the country would play at a time like this. While neighbouring countries like Malaysia are still largely undecided on whether or not to make crypto legal, Thailand’s efforts to emerge as a key player in the sector is really showing.
Introduction of regulatory framework and the news of Thailand SEC Approving Licenses For Four Crypto Exchanges, is a sign of the crypto positive attitude of the country.
The news of the Stock Exchange of Thailand’s (SET) cryptocurrency license application, was first reported by the Bangkok Post. The SET is about to apply with the Finance Ministry for a cryptocurrency license, in order to become an above-the-board digital asset exchange.
Pattera Dilokrungthirapop, who happens to be the chairperson of the Association of Securities Companies and vice-chairwoman of the SET’s board of governors, gave a statement to the Bangkok Post that:
We 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.
Many of SET’s securities firm members wish to become crypto brokers and dealers. It is in their nest interest, that the SET gets a green signal to become an eligibile exchange to trade in cryptocurrency.
If approved, the SET will emerge as the prime leader in the sector of crypto trading in Thailand. In the long term, the SET even wants to open their own crypto exchange. This will make it a distinct entity which, along with only a handful such entities in the world, will have made a clear demarcation between stock and crypto exchanges