The popularity of cryptocurrencies and digital assets has grown significantly in the past years, and as their popularity grows, so does the need for suitable digital exchanges. Exchanges are an integral part of the crypto ecosystem, and looks like Thailand has grasped that concept.
The Stock Exchange of Thailand (SET) has a new set of target audience in sight as they are looking to capitalize on the investors that have an interest in cryptos by offering them a new exchange for digital assets.
The Bangkok Post reported on Thursday that in order to launch the new digital asset platform, the SET has plans to apply for a license from the country’s Ministry of Finance. It is no secrete that the stock exchange is taking this step in the light of the growing crypto market; in order to capture the investors demand for cryptos. The vice-chairwoman of the SET board of governors, Pattera Dilokrungthirapop, made it rather clear in the published report.
The stock exchange aims to launch the platform this year only. The SET is working on developing a sound technical system that should be in place for the offering. In addition to that, they are also working on a digital wallet for the purpose of a proper token storage system.
Pattera also happens to be the chairwoman of the Association of Securities Companies and she further added that securities company members of the SET are already planning to apply to become brokers and dealers in order to trade on the new exchange platform.
The SET has been interested in the cryptoverse since quite some time now. In fact in the May of last year, it launched a crowdfunding marketplace that was built on blockchian tech. The service was referred to as LiVE and it utilized the blockchian technology to allow for peer-to-peer trading. This was basically an effort to help startups in gaining access to new capital from investors.
The country runs on certain rules when it comes to cryptos, like the crypto licensing rule. Thailand first announced this rule back in the July of 201, according to which any project that intends to offer crypto services has to obtain approval from the SEC prior to starting operations.