The Stock Exchange of Thailand (SET) wants to start offering clients trading in digital assets before the end of this year and, for this reason, will apply for a digital asset operating license from the Thai Finance Ministry.
Pattera Dilokrungthirapop, the vice-chairwoman of the SET's board of governors, confirmed the development to local news agency Bangkok post and revealed the reasons why the national exchange wants to make such a move.
According to her, “securities companies that are members of the SET plan to apply to become brokers and dealers for digital asset trade” which will be launched as a new crypto exchange.
So, acquiring the license will help the SET member companies to successfully scale the new exchange and profit from the growing interest around cryptocurrencies.
Mrs. Pattera also explained what the current situation is with the proposed application for a crypto license, citing that the SET is not in a hurry. However, she added,
"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."
What Happens When A National Stock Exchange Goes Into Crypto
If the Thai Stock Exchange achieves its goal of launching a crypto exchange before the end of the year, it will become a milestone since no country has done that before.
One of the primary benefits the crypto exchange subsidiary will enjoy is more trust and capital from both individual and institutional investors. It wouldn’t be entirely wrong to argue that no privately owned crypto exchange will match the legitimacy of a national crypto exchange.
In the end, there will be a lot of money pumped into the crypto markets as a national crypto exchange will find it easier to gain mainstream acceptance than other licensed operators.
As we reported last week, four of such exchanges were giving an operating license by the Thai SEC, and as it stands, these firms will face stern competition for clients if the Stock Exchange of Thailand (SET) proceeds with its plan.
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