By If you haven’t been under a rock for the past few months, you’ll know that Thailand is fast becoming one of South East Asia’s biggest players in the cryptocurrency arena.
While neighboring countries such as Malaysia are still on the fence as to crypto legalisation, other nations such as Thailand, Hong Kong and Singapore are continuously leading the charge when it comes to regulatory structures.
Thailand – The Leading Crypto Nation in Asia?
Thailand, which is known for affordable vacations, sun-kissed beaches, amazing cuisine and nightlife is becoming a leading player in the Asian cryptocurrency sector. As per a report from the Bangkok Post, the Stock Exchange of Thailand (SET) is about to apply for a cryptocurrency license with the Finance Ministry so that they may become an above-the-board digital currency exchange.
Patter Dilokrungthirapop, chairperson of the Association of Securities Companies told the Bangkok Post:
“We are not in a hurry to enter the digital asset trade, as some companies are still managing their core businesses, while cryptocurrencies are just one of the [digital] asset classes where brokers can adapt their trading platforms to serve digital trading. Securities firms are currently waiting for the SET to apply for a license. For us, digital assets are expected to grow in the future as investors gain more understanding of this asset class.”
Stock Exchange of Thailand To Apply For License To Help Securities Firm Members:
One of the reasons that the SET are seeking to apply for a crypto license is mainly to assist their securities firm members who are seeking to become crypto dealers and brokers.
The long-term plan of the SET is to establish their own cryptocurrency exchange. If this happens, Thailand will join the small number of stock exchanges around the globe to create separate stock and crypto entities.
Furthermore, the SET is a stellar position to become the leading crypto trader in Thailand should their plans work out. This comes down to their reputation as a major exchange. It must, however, be noted that many companies who deal in crypto in the country believe that the SET lacks the necessary experience in comparison to the many experienced exchanges in Thailand, for example, Bitkub Exchange and BXB.
Could Thailand become the leading crypto player in Asia should their application be successful? Let us know your thoughts by leaving a comment below.
Follow CoinBeat on Facebook, Twitter & Telegram
Subscribe to our CoinBeat Newsletter
Submit an article to CoinBeat
View live Marketcap Prices here
Comments