Thai Stock Exchange To Apply For Crypto License
The Stock Exchange of Thailand (SET) may launch its own cryptocurrency platform this year. The country's only securities exchange intends to apply to the Ministry of Finance for a license to sell tokenized assets, Bangkok Post reports.
Pattera Dilokrungthirapop, the vice-chair of the SET board of directors, claimed that it has a competitive advantage, represented by a significant amount of capital and trust. However, before obtaining the permission, it needs to develop a digital wallet for storing tokens, as well as to organize other points for high-quality operating activities.
Besides, some of the SET member companies are planning to obtain a broker-dealer license for trading cryptocurrencies on the future digital platform.
If the securities exchange manages to implement the plan, it will be one of the few that will launch a digital platform separately from the main one.
However, the exact terms of the SET intentions implementation are unrevealed. At the same time, Dilokrungthirapop said that traditional stock companies are not hurrying to enter the cryptocurrency market since they are more focused on their principal activity. Cryptos will become an additional branch of the business, she added.
Since 2018, the registration of crypto companies is mandatory in Thailand. Avoiding this can result in a fine twice the amount of transactions or a prison sentence of up to two years. The local Ministry of Finance is responsible for issuing licenses to crypto exchanges operators.
Previously, the Thai regulators banned the advertising of the Q Exchange due to its legal uncertainty.