Early last year, the SET unveiled its digital asset exchange, with the intention of avoiding cryptocurrencies.
According to SET president Pakorn Peetathawatchai, the Stock Exchange of Thailand (SET) is considering developing a new digital asset exchange that is integrated with the bitcoin market.
In a Bloomberg interview on Sunday, Peetathawatchai indicated that the SET plans to build its own digital asset market in 2022, with new exposure possibilities such as investment tokens and utility tokens.
While the SET’s planned digital asset exchange will not be directly tied to cryptocurrency markets, it will feature cryptocurrencies such as Bitcoin (BTC).
The stock market will be openly linked to a cryptocurrency exchange, allowing investors to convert their digital assets into fiat currency before trading on the SET. According to Peetathawatchai,
“Our strength has always been in investment tools or investment vehicles, and we’ll be searching for a mechanism to link to a crypto exchange to convert bitcoin to fiat money and invest in our digital and traditional assets,” says the company.
“Connecting to the bitcoin market would be our way of doing business on this digital and traditional asset,” he continued.
The Stock Exchange of Thailand plans to launch a digital-asset exchange this year — but here's why it won't directly involve crypto.
Watch the full interview: https://t.co/GTzo9LHhYo pic.twitter.com/rU8cyIe6ZW
— Bloomberg Markets (@markets) February 22, 2022
This article will be updated as new information becomes available.
The SET revealed intentions to build a digital asset trading platform early last year, with a projected launch date of the second half of 2021, as previously reported. The firm stated at the time that its forthcoming platform would not include cryptocurrency, citing the following reasons:
“The SET claims that cryptocurrencies do not match its product criteria and may assist money laundering while harming the bourse’s reputation as a “high trust” exchange.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.