Stock Exchange of Thailand announced Launch Digital Asset Exchange


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