The Stock Exchange of Thailand (SET) is preparing to allow its users to invest in cryptocurrencies through its platform very soon. Currently, the SET is awaiting approval from the Securities and Exchange Commission of Thailand (SEC), which also serves as the country’s cryptocurrency regulator. The development comes as the cryptocurrency sector sees notable expansion in the Southeast Asian country. According to a study by crypto research firm TripleA, more than 3.6 million citizens, or 5.2 percent of the total population of Thailand, currently own cryptocurrency.
SET aims to provide the new service from July to September this year.
“We hope that our regulator, the SEC, will give approval soon and we hope that we can start operations in the second or third quarter of this year,” said Pakorn Peetathawatchai told Bloomberg in a recent interview.
It is noteworthy that SET’s digital asset exchange service has no plans to operate as an exchange Cryptocurrency trading communication.
“Our strength has always been in investment tools and investment vehicles. We will look at a way to connect with crypto exchanges to convert electronic money Peetathawatchai added.
SET is placing a special focus on providing cryptocurrencies that are in high demand in the national as well as global markets.
Pro-crypto voices in Thailand have been marked as late.
Earlier this month, Thailand leave 15 percent withholding tax cap on crypto earnings, after the decision received backlash from people.
Additionally, the SEC is working together with Thailand’s central bank to regulate cryptocurrencies as an alternative payment option.
While, New York Stock Exchange and Bulgarian Stock Exchange are also working on integrating crypto-related services into their respective platforms.
The current crypto market capitalization is $1.59 trillion (approximately Rs 1,20,10,123 crore) according to CoinMarketCap.
Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendations, forecasts or any other information contained in the article.
