A digital asset exchange is being launched by the Stock Exchange of Thailand. The president of the Thai bourse expects the country’s crypto regulator, the Thai Securities and Exchange Commission (SEC), to approve the launch “very soon.”
Stock Exchange of Thailand prepares for the launch of a digital asset exchange
The president of the Stock Exchange of Thailand (SET), Dr. Pakorn Peetathawatchai, discussed the SET’s upcoming digital asset exchange in an interview with Bloomberg, published Sunday.
He explained:
The SEC will approve us very quickly, so we expect to be able to start operations in the second quarter of this year.
In Thailand, the country’s Securities and Exchange Commission (SEC) is responsible for licensing entities wanting to offer crypto services, including crypto exchanges.
The president of the Thai stock exchange detailed: “For our digital asset exchange, we would concentrate on investment tokens and utility tokens — those are the things that have been in high demand in both local and international markets.”
He added that investors “would like to invest in some of these digital assets” and “use either investment tokens or utility tokens as a means to raise funds.”
However, when asked whether the SET’s new digital asset exchange will offer the trading of cryptocurrencies, he said that it will not. “Our strength has always been in the investment tools, investment vehicles,” he added, elaborating:
To convert crypto to fiat currency, we will investigate a connection to cryptocurrency exchanges.
Commenting on the risks from crypto assets, Peetathawatchai said: “At the moment, both the Bank of Thailand and the SEC have been working together to look into these areas … and I certainly think that they will come up with a law … in the future.”
He continued: “When you look at the SEC, they have been working very hard on educating investors, disclosing a lot of information on crypto exchanges and cryptocurrencies.”
The SET executive added that the SEC has been working with listed companies in Thailand that want to enter the crypto business “to disclose more information to investors, to see what would be the effects, what would be the benefits, what would be the risks for this new business that listed companies would like to do.”
Thailand relaxed tax rules regarding crypto recently, eliminating the highly criticized 15% withholding taxes. The SEC and finance ministry, both the central bank, announced that crypto will be regulated as a payment method in January.
What do you think about the Stock Exchange of Thailand’s plan to launch a digital asset exchange? Please leave your comments below.
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