The kingdom of Thailand is taking big steps in order to become a crypto friendly nation. The country, unlike its neighbours, who are very skeptical about the adoption of cryptocurrencies, is encouraging and promoting cryptocurrency among its citizens and it is even safe to say that it is leading the race when it comes to becoming a cryptocurrency pro country.
The Stock Exchange of Thailand has recently applied for license with the Thai finance ministry to start a above-the-board digital asset exchange. Pattera Dilokrungthirapop, The chairperson of the Association of Securities Companies and vice-chairwoman of the SET’s board of governors, was quoted by The Bangkok post as saying that,
” We are not in a hurry to enter the digital asset trade, as some companies are still managing their core businesses, while cryptocurrencies are just one of the [digital] asset classes where brokers can adapt their trading platforms to serve digital trading. 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. “
If the SET gets the licenses approved from the ministry it will become one of the few stock exchanges in the world that have successfully set up a separate digital asset exchange along with a traditional exchange. The SET is believing that the trust which they have gained among the masses, along with the large reserves of capital at their disposal will present them with an upper hand over the already existing crypto exchanges. There is no official information from the SET regarding which cryptocurrencies will be available for trading.
The SEC which has been assigned with the duty of regulating cryptocurrency in the country has planned a road show and seminar for digital business this Saturday. The expo is expected to give a brief insight into the securities business outlook and the SET’s policy on digital asset exchanges.
The Thai ministry of finance has also recently approved licenses for 4 companies to start crypto exchanges in the country. The 4 companies which backed the rights are Bx, Coins, Satang Pro and Bitkub.