Thailand’s Stock Exchange (SET) plans to set up its digital asset platform in 2020, as per an official statement released on March 13.
Following recent reports allegedly disclosing the plans, the Stock Exchange of Thailand has confirmed that it will build a digital asset platform as a part of its 3-year strategic plan from 2019 to 2021.
The Thailand Stock Exchange claimed, in the announcement, that the local capital market will experience a transformation into the digital age in 2 areas.
The first field will be comprehensive digitization of the capital market infrastructure in order to provide paperless operations. The second direction will be building a new ecosystem that will support digital assets and cryptocurrencies in order to generate new opportunities and transform the investment landscape.
President of Stock Exchange of Thailand, Pakorn Peetathawatchai stated that the exchange is prepared to begin creating a new digital asset ecosystem He further added that such an initiative can be a watershed that will take the Thai capital market to the next level.
It is to be noted that the SET’s plans to initiate a regulated digital asset exchange were first reported in January. At the time, SET’s board of governors’ vice chair Pattera Dilokrungthirapop divulged that the national stock exchange plans to apply for a digital asset operating license from the country’s Ministry of Finance in 2019.
As per the plans of the Stock Exchange of Thailand, the exchange’s member securities firms will be able to apply to become dealers and brokers for trading on the new digital asset exchange.
In recent times, the Thai Securities and Exchange Commission’s purportedly authorized the first ICO focused portal that allows for the screening of initial coin offerings, as well as performing due diligence. The portal also assists in confirming smart contract source codes and conducting Know Your Customer procedures.