The Stock Exchange of Thailand (SET) has revealed plans to launch a digital asset exchange to offer investors exposure to investment and utility tokens through its digital exchange before the finish of 2022.

The president of the Stock Exchange of Thailand (SET), Dr. Pakorn Peetathawatchai, stated "We expect that our regulator, the SEC, will give an approval very soon, and we hope that we can start operating in the second or third quarter of this year," while talking about the SET's forthcoming digital asset exchange in an interview with Bloomberg, published Sunday.

In Thailand, the nation's Securities and Exchange Commission (SEC) is liable for permitting entities needing to offer crypto services, including crypto exchanges.

The president of the stock exchange of Thailand explained: "For our digital asset exchange, we would concentrate on investment tokens and utility tokens — those are the things that have been in high demand in both local and international markets.”

He added that investors "would like to invest in some of these digital assets" and "use either investment tokens or utility tokens as a means to raise funds."

In any case, when found out if the SET's new digital asset exchange will offer the exchanging of cryptocurrencies, he said that it will not. "Our strength has always been in the investment tools, investment vehicles,” he added, explaining: “We will look into a way to connect to crypto exchanges to convert cryptocurrency to fiat money."

Remarking on the dangers from crypto assets, Peetathawatchai said: " At the moment, both the Bank of Thailand and the SEC have been working together to look into these areas … and I certainly think that they will come up with a law … in the future.”

He proceeded: "When you look at the SEC, they have been working very hard on educating investors, disclosing a lot of information on crypto exchanges and cryptocurrencies.”

The SET executive added that the SEC has been working with recorded organizations in Thailand that need to enter the crypto business " to disclose more information to investors, to see what would be the effects, what would be the benefits, what would be the risks for this new business that listed companies would like to do.”

Thailand as of late loosened up its tax rules on crypto, rejecting the intensely condemned 15% saved tax. Likewise, the national bank, the SEC, and the finance ministry reported in January that they will direct crypto for payment.

Joyashree Dey

CBW - External Analyst

INDIA