The Stock Exchange of Thailand (SET) is taking steps toward opening a new digital asset exchange. According to a report published by the Bangkok Post on Thursday, the SET plans to apply to the Ministry of Finance to operate the exchange in the near future. The SET’s alleged goal is to launch the exchange before the end of the year.
Pattera Dilokrungthirapop, the vice-chairwoman of the SET’s board of governors, said that the decision to pursue the formation of the exchange is an attempt to capitalize on investors’ growing demand for cryptocurrencies within the country.
The exchange will offer its users a digital wallet service as well as “a good operating system and work out details such as back-office systems,” the report said.
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The exchange will offer securities companies that are already members of the SET the opportunity to apply to become brokers and dealers of digital assets on the new exchange. Pattera, who is also the chairwoman of the Association of Securities Companies, added that the SET “aims to cooperate with its members to set up the new digital asset exchange.”
Thai’s Cryptocurrency Business Licensing Program Began in July 2018
The Thai blockchain industry appears to be growing quickly – the country’s finance ministry granted digital asset business licenses to four separate companies just last week: Coins TH Co., Satang Corporation, Bitkub Online, and Bitcoin Exchange. Simultaneously, the applications of two other companies were denied, while a third remains under consideration.
Thailand’s crypto licensing regulations were first announced in July 2018. Within a month of their announcement, twenty cryptocurrency firms had applied to be licensed.
Among other rules laid out in the regulations, projects planning to offer cryptocurrency-related services must gain approval from the Thai Securities and Exchange Commission before beginning their operations. Indeed, the ministry is responsible for distributing the licenses, the country’s SEC is the entity that is responsible for regulating crypto-related businesses.