- The license will give the SET legal permit to open a new digital asset exchange
- An e-wallet and effective back-office systems are imperative for the digital exchange to operate
- Bitkub Group show interest in partnering with SET in the upcoming expansion
According to the Bangkok Post, the Stock Exchange of Thailand (SET) is looking forward to applying for a digital asset operating license from the Ministry of Finance. The license will allow SET to legally open a new exchange which can trade digital assets.
The new digital exchange aims to seize the rapidly growing investment trend of digital assets. Major security companies that are members of the SET are looking forward to becoming brokers and dealers for the digital asset trade on the new platform. If the license is approved, SET will become one of the few stock exchanges in the globe that supports trading of digital assets away from the stock exchange.
To achieve the exchange of digital assets, the bourse will have to implement a functional operating system along with an e-wallet for token storage and effective back-office systems. The Securities and Exchange Commission of Thailand is responsible for regulating initial coin offering and other digital asset trading components encompassing digital exchanges, brokers and dealers associated with the transactions of that digital asset. The Finance Ministry, however, issues licenses for operating a digital business.
The SET plans to publicize the launch of its digital asset platform via a series of roadshows and seminars. An investment expo planned for Saturday will exhibit the SET’s policy binding exchanges of the digital asset in addition to the trends of bot-trading and artificial intelligence (AI).
The digital trading platform is said to be a formidable business opportunity such that numerous securities firms have already applied to become brokers and dealers of the digital asset class. They are all waiting for the SET to receive license from the Ministry of Finance. However, securities firms are not in a hurry to enter the digital asset trade as some companies are still focusing on their primary business.
Bitkub Group eager to partner
Topp Jirayut Srupsrisopa, the Co-founder & CEO of Bitkub Group said that the SET has a mandate to issue licenses for the operation of digital asset exchanges depending on a company’s capital and trust. He, however, said that the Group is experienced in the domestic cryptocurrency market with over five years in trading digital assets.
Licensed digital asset exchanges have a vast understanding of digital asset exchange and look forward to a partnership with the bourse. Among the securities firms that have shown interest in partnering with the incoming bourse on the upcoming digital asset exchange includes the Bitkub Group which has already discussed with the SET.