Thailand’s Stock Exchange is preparing to develop a digital asset exchange. The Thai Securities and Exchange Commission (SEC), the country’s crypto regulator, is expected to approve the launch “very soon,” according to the Thai bourse’s president.
Thailand’s Stock Exchange Is Debuting a Digital Asset Exchange
Dr. Pakorn Peetathawatchai, president of the Stock Market of Thailand (SET), addressed the SET’s future digital asset exchange.
We anticipate receiving permission from our regulator, the SEC, very shortly, and aim to begin operations in the second or third quarter of this year.
“For our digital asset exchange, we would focus on investment tokens and utility tokens – those are the things that have been in great demand in both local and international markets,” the head of the Thai stock exchange explained.
Investors “would prefer to invest in some of these digital assets,” he said, adding that “either investment tokens or utility tokens as a means of raising cash” are options.
However, when asked if the SET’s new digital asset exchange will allow for cryptocurrency trading, he stated that it will not. “Our strength has always been in investing tools and vehicles,” he explained, adding:
We’ll look into connecting to cryptocurrency exchanges in order to convert cryptocurrency to fiat currency.
“At the moment, both the Bank of Thailand and the SEC have been working jointly to look into these areas,” Peetathawatchai said of the hazards posed by crypto assets. and I am confident that they will pass legislation… in the future.”
“When you look at the SEC, they’ve been working extremely hard on educating investors, revealing a lot of information on crypto exchange and cryptocurrencies,” he stated.
The SEC has been working with Thai listed companies interested in entering the crypto business “to disclose more information to investors, to see what would be the effects, what would be the benefits, and what would be the risks for this new business that listed companies would like to do,” according to the SET executive.
Thailand has loosened its crypto tax rules, removing the heavily criticized 15% withholding tax. In addition, the central bank, the Securities and Exchange Commission, and the finance ministry all indicated in January that crypto will be regulated as a form of payment.