The stock exchange of Thailand (SET) is planning to apply for Cryptocurrency licenses with the ministry of Finance to open a new Cryptocurrency exchange.
The SEC has approved three Crypto exchanges in Thailand so far, now the SET which is the national stock exchange of Thailand is planning to dip its toes into Cryptocurrencies. According to Bangkok Post, the SET has begun the process to obtain a license from the regulators. If approved it will be one of the few stock exchanges to open a Cryptocurrency exchange.
Bangkok Post reports that the SET plans to become brokers and dealers for digital assets because they believe Crypto has future potential when investors gain a better understanding of the asset class over time.
Pattera Dilokrungthirapop, who is the chairwoman of the Association of Securities Companies and vice-chairwoman of the SET’s board of governors said:
“The cryptocurrency is one of the digital asset classes, and brokers can adjust their trading platforms to serve digital transactions. Securities companies are currently waiting for SET to apply for a permit. For us, future investors will become more aware of digital assets, and this asset class will continue to expand.”
The Finance ministry recently approved licenses for 4 Crypto exchanges including Bitkub. The SEC of Thailand is currently the main regulator for the Cryptocurrency industry.
The SET is a well-established exchange in Thailand and is trusted among the investors which give it the advantage to get the required approvals and licenses to start operating. Overall it a piece of positive news for Cryptocurrencies as it will increase adoption and will pave the way for its legitimacy.
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