Imitating the move of a few major European stock exchanges, the Stock Exchange of Thailand is exploring the idea to develop a digital asset trading platform.
According to a Finextra report, the exchange has already developed plans to build the new exchange in the next three years, with plans for a 2020 launch. It has even prepared a blueprint detailing the IT infrastructure of the digital asset exchange.
The stock exchange is also planning to completely digitize the new trading platform including paperless account opening through electronic identification verification, electronic payment of stamp duty, and direct-debit registration processes.
The exchange is now preparing a roadmap for the initiative and is working with the shareholders for the development, the report stated.
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Commenting on the initiative, Pakorn Peetathawatchai, president of the stock exchange, said: “SET strongly believes that the collaboration with all stakeholders in enhancing the existing infrastructures that are a backbone of the current ecosystem and in building the new digital asset ecosystem will be a turning point that will take the Thai capital market to the next level.”
Traditional Exchanges Transitioning Towards Crypto
Switzerland-based stock exchange SIX last month announced the ongoing development of a blockchain-powered exchange, dubbed SIX Digital Exchange (SDX), with a target to launch it in the second half of 2019.
Germany’s Deutsche Börse is also betting heavily on the new technology with plans to launch a similar trading platform and has appointed a dedicated team to work on the development of the decade-old technology.
Last month, a German derivative exchange has put forth its plans to launch crypto futures instruments backed by Bitcoin, Ethereum, and Ripple.
Meanwhile, earlier today, Finance Magnates reported that Thailand’s Securities and Exchange Commission (SEC) has approved the plans to set up a dedicated initial coin offering (ICO) portal. The financial watchdog is also considering to introduce proper guidelines for securities token offerings (STO) in the country.