According to the national news reports ‘The Stock Exchange of Thailand’ (SET) is planning to apply for a digital securities license from the Finance Ministry.
The aim is to open a new exchange and become an authorized digital asset exchange in 2019. If the plan becomes reality, the SET will be one of a few global stock exchanges to set up a digital asset exchange separately from a stock exchange. Thailand is also looking forward to enter the increasingly competitive marketplace of security tokens.
Pattera Dilokrungthirapop, chairwoman of the Association of Securities Companies and vice-chairwoman of the SET’s board of governors said “Securities companies that are members of the SET plan to apply to become brokers and dealers for digital asset trade on the new exchange. The SET is expected to have an upper hand compared with licensed digital asset exchanges in terms of having large capital and trust”.
Mrs. Pattera added that they are not in a hurry to enter the digital asset trading market, as some companies are still managing their core businesses, while cryptocurrencies are just one of the digital asset classes where brokers look forward to adapt their trading platforms to serve digital trading. The firms in the securities space are currently waiting for the SET to apply for a licence. She added that digital assets are expected to grow in the future as investors gain more understanding of this asset class.
In the race of becoming the leading hub for the tokenized security sector countries like Malta, Singapore and Malta seems like way ahead than others. But the market is at a very nascent stage and there is a huge room for growth. Countries like Thailand are trying to set a place for themselves in this rapidly growing market.