Thailand could become a crypto hub in Southeast Asia in the near future. According to a report released from Bangkok Post, the Thailand Stock Exchange (SET) plans to apply for a digital license. With it, the SET would be able to manage a cryptocurrency trading platform.
The Thai stock exchange moves towards digital ASs
Cryptocurrencies have expanded worldwide. Investors have also requested multiple platforms to offer cryptographic services. This time, the SET seems to think about starting a cryptocurrency exchange if it receives the necessary approval from the country's financial regulatory authorities.
As reported by Pattera Dilokrungthirapop, president of the Association of Securities Companies and part of the SET board of governors, SET is planning to enter the encrypted market by offering brokerage services for trading digital assets.
If the application is approved, the exchange will become one of the first in the world to create an encrypted exchange. The approval must be provided by the Ministry of Finance, which is the financial authority of the country. The Thai regulator is known as SEC.
There are several companies that seem ready to enter the market. Pattera said about this problem:
"Securities companies are currently waiting for the SET to apply for a license – for us, digital axes are expected to grow in the future as investors will gain more understanding of this asset class."
Thailand is advancing in the cryptocurrency market. There are several regulatory agencies around the world that are taking very strict measures against digital currencies. However, Thailand seems to be going in another direction.
The country wants to become an increasingly attractive destination for cryptocurrencies and blockchain technology. The government has promoted several initiatives aimed at expanding the local blockchain ecosystem.
For example, in June, the government legalized various cryptocurrencies, including Litecoin (LTC), Bitcoin (BTC), Ethereum (ETH) and many others. Furthermore, the SEC has created clear rules regarding Initial Coin Offerings (ICO).
Topp Jirayut Srupsrisopa, co-founder and CEO of Bitkub, He said:
"This is certainly a positive direction for the cryptocurrency and blockchain technology in Thailand, since the space is legitimized by regulators, which will encourage an influx of traditional investors and more institutional money will go to the cryptocurrency sector in Thailand".