Thailand’s Stock Exchange is preparing to develop a digital asset exchange. The Thai Securities and Exchange Commission (SEC), the country’s crypto regulator, is expected to approve the launch “very soon,” according to the Thai bourse’s president.
Thailand’s Stock Exchange Is Preparing to Launch a Digital Asset Exchange
In an interview, Dr. Pakorn Peetathawatchai, president of the Stock Market of Thailand (SET), addressed the SET’s future digital asset exchange.
He continued, “We anticipate receiving approval from our regulator, the SEC, very shortly, and we aim to begin operations in the second or third quarter of this year.”
The Securities and Exchange Commission (SEC) of Thailand is in charge of licensing organizations that intend to provide crypto services, such as crypto exchanges.
“For our digital asset exchange, we would focus on investment tokens and utility tokens – those are the things that have been in great demand in both local and international markets,” the head of the Thai stock exchange explained.
Investors “would prefer to invest in some of these digital assets,” he said, adding that “either investment tokens or utility tokens as a means of raising cash” are options.
However, when asked if the SET’s new digital asset exchange will allow for cryptocurrency trading, he stated that it will not. “Our strength has always been in investment tools and vehicles,” he continued, adding, “We will look at a mechanism to connect to crypto exchanges to convert bitcoin to fiat money.”
“At the moment, both the Bank of Thailand and the SEC have been working jointly to look into these areas,” Peetathawatchai said of the hazards posed by crypto assets. and I am confident that they will pass legislation… in the future.”
“When you look at the SEC, they’ve been working extremely hard on educating investors, revealing a lot of information on crypto exchanges and cryptocurrencies,” he stated.
The SEC has been working with Thai listed companies interested in entering the crypto business “to disclose more information to investors, to see what would be the effects, what would be the benefits, and what would be the risks for this new business that listed companies would like to do,” according to the SET executive.
Thailand has loosened its crypto tax rules, removing the heavily criticized 15% withholding tax. In addition, the central bank, the Securities and Exchange Commission, and the finance ministry all indicated in January that crypto will be regulated as a form of payment.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.