South East Asian countries, mainly Thailand, Singapore and Hong Kong, have shown major acceptance towards cryptocurrencies and the technology behind it.
While most are still deciding the legal regulations behind crypto, some like Singapore have created a well-devised plan for implementing cryptocurrencies into their system.
Thailand doesn’t seem too far behind as well.
According to the recent report on the Bangkok Post, the Stock Exchange of Thailand(SET) plans on becoming an authorized digital asset exchange in 2019. The market has noticed the growing investment trend in digital assets and has decided to apply for an operating license from the Finance Ministry.
Pattera Dilokrungthirapop, chairwoman of the Association of Securities Companies said that the members plan to become brokers and dealers for digital asset trade on the new exchange.
SET could join the list of global stock exchanges to set up a digital asset exchange independently from a stock exchange.
Pattera said that SET has a “large capital and trust” thus giving it an advantage over other digital asset exchanges. They will need to set up a good operating system with efficient back-office systems and an e-wallet for token storage.
She went on to say:
“We [securities firms] 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.”
Thailand’s already existing digital asset exchange, Bitkub Group, have already shown their interest in partnering up with the SET, said Jirayut Srupsrisopa, the Chief Executive of Bitkub Group. He went on to say that licensed digital asset exchanges have a good understanding of this investor group and the digital asset trade.