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Official Stock Exchange of Thailand is Going for a Cryptocurrency License

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If you are a crypto lover or crypto market is fascinating you enough to keep a track of what is happening in the market, you must have been hearing a lot about the latest developments in the South Asia crypto market. And you are not oblivious to the fact that Thailand at present is ahead in the race of becoming the region’s major players.

While Thailand is trying to be the leading country in the South Asia crypto market, it’s one of the neighboring nations, Malaysia, is still not clear about its position and perspective on the crypto. The country is yet not able to decide whether to legalize crypto or not; while other South Asian countries like Hong Kong, Thailand, and Singapore are consistently making efforts to evolve the domestic crypto market by making changes in the regulatory.

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Thailand is known around the world for its beautiful nature, nightlife and culture. Millions of people around the globe visit Thailand every year, and this is playing a significant role in the Asian cryptocurrency scene. The local newspaper in Thailand said that the Stock Exchange of Thailand, an official stock exchange, is going to apply to the Finance Ministry for a cryptocurrency license so that the Stock Exchange of Thailand can become an exclusive and worthy digital asset exchange.

The chairperson and vice-chairwoman of the exchange told media that the exchange is not anxious or in a hurry to enter the digital asset market. The companies in the market are still managing their core businesses, and cryptocurrencies are just one of the alternatives to the other digital asset where traders can use SET’s platforms to operate in digital trading.

However, many securities firms in the country are waiting for the exchange to apply for a crypto listing license. The exchange said that they believe in the future growth of the digital assets as investors get more aware of this asset class.

One of the reasons why the Stock Exchange of Thailand is planning to apply for the license to list the digital assets on the exchange is to be able to cater it users who are aggressively looking forward to becoming crypto brokers and dealers. SET is planning to build its own crypto exchange in the future. And, if this happens, the exchange would be one of the few stock exchanges across the globe to run both stock and crypto exchanges.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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