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Thailand is fast becoming one of the friendliest countries in Southeast Asia, although it is still in the hands of a military dictatorship. The Thailand Stock Exchange (SET) plans to apply for a digital license that will allow for a cryptocurrency exchange.
Thai Bourse Eyes Crypto
The SET is eager to enter the growing trend of extremely popular digital asset trading in the region. According to Pattera Dilokrungthirapop, president of the Association of Securities Companies and vice president of the board of directors of SET, the bourse intends to apply to become brokers and dealers for digital asset trading.
If the application has been accepted, Thailand's stock exchange will become one of the first in the world to set up a separate cryptographic exchange according to the Bangkok Post. It is already a step ahead of other exchanges in the Kingdom as it has a great deal of capital and consolidated trust among investors.
The Ministry of Finance is the authority for the issuance of digital licenses in the country while the SEC is the main regulator. SET is not the only one since the number of companies that have an interest in creating digital assets is growing.
"Securities companies are currently waiting for the SET to apply for a license – for us, digital assets are set to grow in the future as investors gain more understanding of this asset class," Pattera added.
Bitkub Group, one of the first officially approved cryptographic exchanges in Thailand, showed interest in collaborating with the stock exchange on its next exchange of digital resources. The SEC recently granted licenses for digital asset assets to four cryptographic exchanges while two others remained pending and one was rejected.
Refused exchange aims to reapply
In a related development, one of these fellowships, Coin Asset Co, plans to reapply the license as the activities on the platform went into crisis after the recent refusal of the SEC. Failure to comply with the SEC standards has been cited as a reason for not approving the license. This has scared investors according to the Post leading to a landfill of JFin tokens, the first ICO of Thailand.
The CEO of Coin Asset, Sivanus Yamdee, said: "We are looking for a way to keep our exchange of digital resources operational while the business cycle is approaching the peak", however the processing time for the request is of four months.
Unlike the United States, regulators of the realm are on the right track and the SET which shows an interest will be a huge stimulus to the cryptic industry in the region.
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