The Stock Exchange of Thailand (SET) aims to launch a new exchange. It plans to apply for a digital asset operating license to become a legalized digital asset exchange in 2019. The vice-chairwoman of the SET’s board of governors and chairwoman of the Association of Securities Companies, Pattera Dilokrungthirapop, stated that the exchange aims to catch and benefit from the thriving investment trend of digital assets.
Also, Mrs. Pattera said that the SET security company members are aiming to apply to become the dealers and brokers for digital asset trade once it goes live on the exchange. SET also aims to cooperate with its members to ensure that the new digital asset exchange is launched successfully.
If the plan is followed to actualization, the SET will join a few other global stock exchanges that have set up a digital asset exchange separately from a stock exchange. Mrs. Pattera believes that the SET will have an upper hand in comparison to the other licensed digital asset exchanges subject to having ‘large capital and trust.’
The bourse is expected to set up an e-wallet for token storage and back-office systems all components of an excellent operating system. Since May 2018 the royal decree on digital assets has been effective and efficient. The Securities and Exchange Commission is responsible for regulating ICOs and other digital asset businesses that include digital exchanges, dealers, and brokers that execute digital asset transactions.
The Investment Expo
The Finance Ministry regulates the digital asset businesses and issues operating licenses for businesses seeking to indulge in this field. The SET together with its members will organize a roadshow and seminar focusing on digital business on January 19. In this investment expo, the securities business outlook will be on display.
Also, it will feature the SET’s policy on digital asset exchanges together with the trends of robo-trading and artificial intelligence. Currently, several securities firms are allegedly planning to apply to become dealers and brokers of the digital asset class.
Mrs. Pattera said that securities firms are not in a hurry to jump into the digital asset trade since some of the companies are still concentrating on managing their core businesses.
Cryptocurrencies are one of the many budding digital asset classes and others are waiting for SET to apply for a license to gauge how they manoeuvre through the current murky waters. SET expects digital assets to grow in the future as investors gain more understanding of the new asset class.
The chief executive of Bitkub Group, Jirayut Srupsrisopa, acknowledges that SET has an edge over other firms in terms of capital and trust but the other firms have the expertise and over five years’ experience from the time the domestic cryptocurrency market appeared. Bitkub Group is interested in partnering with SET on the upcoming digital asset exchange.