Thai Stock Exchange applies for a cryptocurrency licence

The Stock Exchange of Thailand (SET) has decided to apply for a digital asset operating licence, The Bangkok Post reports. In a move to “catch the growing investment trend of digital assets,” the SET is planning to aid its securities firm members on their way to becoming token brokers and dealers.

“Securities firms are currently waiting for the SET to apply for a licence,” said Pattera Dilokrungthirapop, vice-chairwoman of the SET’s board of governors. “For us, digital assets are expected to grow in the future as investors gain more understanding of this asset class.” 

As for the long-term goals, the SET’s plan is much more ambitious: it wants to set up a cryptocurrency exchange of its own. While the details of the endeavour are still in the works, the Thai Exchange may already have a potential partner for the project. Bitkub Group’s chief executive Jirayut Srupsrisopa has said that the licensed digital asset exchange would be willing to lend their five years worth of experience in functioning on the domestic cryptocurrency market.