Despite facing the grips of a military dictatorship, this country is striving to become the leading nation. Moreover, the Stock Exchange of Thailand prepares to apply for a digital license. And to gain the authority for operating a cryptocurrency exchange.
From many times now, the SET is eyeing on ways to set up on this digital asset trading growing trend. As this sector is skyrocketing and seems extremely popular. Pattera Dilokrungthirapop is the chairwoman at the Association of Securities Companies. Also, she is also the vice-chairwoman working at the SET board of governors.
According to her, the bourse decides to apply becoming brokers as well as dealers for digital asset trading. Once this application comes out successful, the stock exchange at Thailand will be few amongst the first leader to set up a variant crypto exchange. However, it is already moving a step ahead with regards to other exchanges as it holds the large capital. Further, long developed trust within its investors.
The authority working for digital license issuance is the Finance Ministry in the country and the SEC holds a responsibility to be the primary regulator. Also, the SET is not the only one showing interest to set up digital asset operations, there is various other organization in the race. She also adds:
Securities firms are currently waiting for the SET to apply for a license. For us, digital assets are expected to grow in the future as investors gain more understanding of this asset class.
On the other hand, Bitkub Group officially approved crypto exchanges operating in Thailand. It has a keen interest in collaborating with the bourse regarding its upcoming crypto asset exchange. Recently, the SEC approves digital asset licenses to almost four crypto exchanges, whereas the other two is still pending and one got rejected.
Considering a relative development, Coin Asset Co exchanges is planning to reapply for its license on digital assets that recently faced SEC rejection. It is said that the platform fails to meet SEC standards which cites as the failure reason for license approval. Also, the chief executive at Coin Asset, Sivanus Yamdee mentions that:
We are seeking a way to keep our digital asset exchange operating as the business cycle is moving towards a peak; however the processing time for reapplication is four months.
The regulators in the UK seem heading on the right track. The SET expressing interest might be a huge blast for the crypto industry within its sector. Let’s see what comes next!