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Thailand’s Official Stock Exchange is Applying for a Cryptocurrency License

Last Updated October 6, 2020 10:24 AM
Alan Wass
Last Updated October 6, 2020 10:24 AM

If you have been keeping tabs on the movements of the South East Asian crypto industry, you will know that Thailand is currently becoming one of the region’s major players. st

While neighboring nations such as Malaysia are still undecided on whether or not to make crypto legal, other countries on the sub-continent such as Thailand, Singapore, and Hong Kong are constantly evolving in terms of regulatory framework and leading the sector from the front of the pack.

Thailand Leading the Crypto Pack in Asia

The kingdom that is predominantly known for its sun-drenched beaches, its immense cuisine and its transgender nightlife hosts is becoming a major player on the Asian cryptocurrency scene. The Bangkok Post reported  today that the Stock Exchange of Thailand (SET) is about to apply with the Finance Ministry for a cryptocurrency license so they can become an above-the-board digital asset exchange.

The Stock Exchange of Thailand is applying for a cryptocurrency license. Image: Shutterstock

The chairperson of the Association of Securities Companies and vice-chairwoman of the SET’s board of governors, Pattera Dilokrungthirapop, told 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.

Thai SET Apply for License to Help Securities Firm Members

One of the main reasons why the SET are about to apply for a cryptocurrency license in the short term is to mainly help its securities firm members who are looking to become crypto brokers and dealers.

The long term plan for the SET is to set up a crypto exchange of their own. And if they do, they will become one of a handful of stock exchanges in the world to separate both their stock and crypto exchanges into two separate entities.

The SET is definitely in a prime position to become the main crypto trader in Thailand if their plans come to fruition, which is mainly down to its reliable reputation as a major exchange. However, some companies that already deal in crypto in Thailand believe that the SET still lacks experience when compared to other already-established crypto exchanges in Thailand such as the Bitkub Exchange and the BXB Exchange.