An idea whose time has come cannot be caged and that is exactly where the crypto market is headed. With the impending crypto exchange regulations taking effect, some countries are becoming a safe haven for the blockchain technology. Thailand has become one of these safe havens and the Stock Exchange of Thailand (SET) is poised to plunge into the crypto murky waters soon.
It is not a secret anymore that the Stock Exchange is planning to apply for the crypto trading digital license. Once granted, the respected exchange will be able to run a crypto exchange. This comes at a time when the country is struggling under military rule.
Thailand Bourse Setting Sights beyond Fiat Economy
With the crypto hype heading south, users and investors are looking at the technology through the real-life use case lens. The potential behind the new technology cannot be wished away and SET move is in the right direction. The popularity of digital asset trading keeps growing and is presenting more benefits than risks.
With the existing exchanges reaping a lot of profits through asset trading, it is no surprise for the country’s stock exchange to seek a digital license to trade cryptocurrencies. Digital asset trading demand in Asia is on the rise and the SET move could not have come at a better time.
While breaking the news, the Association of Securities and SET’s board of governors’ chairwoman, Pattera Dilokrungthirapop, said that the bourse intends to become dealers and broker in the digital asset trading niche.
Should the application get approved, the bourse will be the first of its kind to run a crypto exchange as per the Bangkok Post. It will also have an added advantage by virtue of investor trust and expansive capital base; it will cement its market leadership in fiat and crypto.
More Securities Firms Eyeing the Market
The SEC is the local regulator while the country’s Finance ministry is responsible for issuing digital licenses. Should SET get a nod, there are other firms waiting to be issued with the same license in Thailand according to Pattera.
“Securities firms are currently waiting for the SET to apply for a license. For us, digital assets are expected to grow in the future as investors gain more understanding of this asset class.”
Already Bitkub Group has gotten the licensing nod and has shown the intent to partner with SET to drive the digital asset trading agenda to the next level. Currently, four applications have been processed and cleared while two are still waiting for a go ahead and only one has been rejected to date.
However, those rejected are planning to re-apply. Coin Asset Co rejection saw its performance in the market slump after failing to meet the SEC requirements. This prompted the Coin Asset Co CEO, Sivanus Yamdee to add:
“We are seeking a way to keep our digital asset exchange operating as the business cycle is moving towards a peak.”
Thailand regulations are straight forward and the regulating body has achieved huge milestones as opposed to their counterparts in the US. Should the Stock Exchange of Thailand get the approval, this could be a huge bust for the entire crypto sphere.