The Bangkok Post recently reported that a regulated digital asset exchange is going to be established soon by the Stock Exchange of Thailand (SET).
The national stock exchange will apply for a digital asset operating license within the next year according to Pattera Dilokrungthirapop, vice chairwoman of SET’s board of governors. Mrs. Pattera who also chairs the Association of Securities Companies added that the operating license will be obtained from Thailand’s Ministry of Finance.
According to the media report, the new digital asset exchange will allow securities firms that are members of the SET to apply and become brokers and dealers on the exchange.
Mrs. Pattera added that many securities firms are interested in playing an active role in the digital assets market. These firms want to get involved in broker and dealer activity, but they do not necessarily want to enter existing cryptocurrency markets.
Furthermore, he said that as investors gain more knowledge about digital assets, the market is likely to grow rapidly too. Currently, many securities firms have reportedly shown interest in the digital asset class and are simply waiting on the SET in order to apply for an operating license.
The Chief Executive of a Thailand-based crypto exchange, Jirayut Srupsrisopa, welcomed the move, saying that SET has an edge over licensed digital asset exchanges in terms of capital and trust. However, he further implied that a collaborative effort between the SET and licensed digital asset exchanges – who understand the investor terrain better – could be advantageous to the sector. He also expressed his willingness to join SET’s digital assets exchange.
With this welcoming attitude from traditional financial institutions, the crypto sector in Thailand may have more credence in the coming years.
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