If you have watched the movements of Southeast Asia’s cryptocurrency industry, you will know that Thailand is now becoming one of the major players in the region.
While neighboring nations such as Malaysia have not decided yet whether they should turn cryptocurrency into legal or not, other countries on the continent such as Thailand, Singapore and Hong Kong are constantly developing in terms of legal framework and leading the industry.
Thailand leads the way in openness in Asia
The kingdom which is famous for sunny beaches, street food and transgender’s nightlife is becoming a major figure in the Asian pre-coding market. Bangkok Post today reported that the Thai Stock Exchange (SET) is about to apply for a pre-coding license from the Ministry of Finance so that they can become a digital asset exchange.
President of the Association of Securities Companies and Vice President of the Board of Directors, Pattera Dilokrungthirapop, told Bangkok Post that:
We are not in a hurry to participate in digital asset transactions, because some companies are still managing their core business activities, while cryptography is one of the assets where brokers can adjust their trading platform to serve digital transactions. Securities companies are currently waiting for SET to apply for a license. For us, digital assets are expected to grow in the future when investors become more knowledgeable about this type of asset.
Thai SET registers a license to help members of Securities Company
One of the main reasons that SET is about to apply for a pre-coding license in a short time is mainly to help members of securities companies become brokers and pre-coding agents.
The long-term plan for SET is to establish a cryptocurrency exchange of their own. And if they do that, they will become one of the few stock exchanges in the world to separate both their stock exchanges and their cryptocurrency into two separate entities.
SET will certainly become a major cryptocurrency trader in Thailand if their plan comes true, based primarily on its reliable reputation as a major trading platform. However, some companies which traded pre-coding in Thailand believe that SET still lacks of experience when compared to other established cryptocurrency exchanges in Thailand such as Bitkub and BXB.