Thailand’s Stock Exchange Plans To Roll Out A Digital Asset Platform In 2020

The Stock Exchange of Thailand (SET) is in the cryptocurrency news today for planning to roll out its digital asset platform in 2020. According to one official statement that was released on March 13th, the SET has confirmed that it would build a digital asset platform to sell Bitcoin and other altcoins.

The platform will also be part of its three-year strategic plan from 2019 to 2021. As the official announcement notes, the Thai exchange claimed that the local capital market will be completely transformed into the digital age in two areas.

First of these areas will be the complete digitization of the capital market infrastructure in order to provide paperless operations. The second, on the other hand, will be the building of a new ecosystem that will support digital assets in order to create new opportunities as well as shift the investment landscape in a new way.

The president of the SET, Pakorn Peetathawatchai, noted that the exchange is ready to start creating a new digital asset ecosystem. He also added that this initiative will be a turning point that will take the capital market of Thailand to the next level.

Among the plans for SET are to launch a regulated digital asset exchange. Even though the plans originally surfaced in January when the SET’s board of governors led by Pattera Dilokrungthirapop revealed that the national stock exchange plans to apply for a digital asset operating license from the Ministry of Finance in 2019, things are now confirmed.

As the SET plans, the exchange will have member security firms which will be able to apply to become brokers and dealers for trading on the new digital asset exchange.

As of recently, the Thai Securities and Exchange Commission reportedly authorized the first initial coin offering (ICO) portal in the country which focuses on screening of ICOs, performing due dilligence, confirming smart contract source codes and conducting Know Your Customer procedures.