Officials at the Stock Exchange Of Thailand (SET) are interested in taking advantage of the growing popularity of investing into cryptocurrency, and now have plans to enter the space themselves.
The Bangkok Post reported how the SET is aiming to open up an authorized cryptocurrency exchange this year. It is first planning to apply for a digital asset operating license from Thailand’s Finance Ministry. If all the plans go through, the SET would join an exclusive club of stock exchanges who also have a separate cryptocurrency exchange.
The Vice-Chairwoman of the SET’s board of governors, Pattera Dilokrungthirapop, said members of the exchange are planning to submit applications to be digital asset brokers and dealers once the new crypto exchange goes live.
SET vs. Other Licensed Exchanges?
The decision by the SET to enter into the cryptocurrency space makes it an intriguing option for those looking for an exchange.
Bitkub Group chief executive Jirayut Srupsrisopa admitted the SET does have more capital and trust than a traditional exchange, but digital asset exchanges in Thailand will be able to bank on at least five years’ worth of experience in the space.
The Bangkok Post said a number of securities firms in the country are purportedly interested in becoming digital asset brokers and dealers. This Saturday, January 19, the SET and its members are set to run an investment expo for digital businesses. Pattera said the event will give information about the SET’s policies regarding cryptocurrency exchanges and show different trends in robotic trading and AI.
Thailand’s Interest In All Things Crypto
A number of government officials and citizens in the Asian country have expressed an interest in cryptocurrency.
CryptoGlobe wrote that Thailand’s first domestic bank, the Siam Commercial Bank, became the first financial institution on RippleNet to utilize ‘Multi-Hop.’ The multi-hop technology gives the Bank the ability to “receive and forward on a payment without a bilateral relationship between the originator and beneficiary institutions.”
In October, authorities said they caught the culprits who carried out a wide-sweeping bitcoin scam that swindled a Finnish investor out of roughly $24,468,000. News media said Prinya Jaravijit was arrested after flying back into Thailand from the United States. He reportedly decided to come back home after his passport was revoked.