Dr. Pakorn Peetathawatchai, president of the Stock Market of Thailand (SET), described the SET’s planned digital asset exchange. He elaborated that: SET anticipates that our regulator, the SEC, will grant us clearance fairly soon, and we intend to begin operations in the second or third quarter of this year.
In Thailand, the Securities and Exchange Commission (SEC) is in charge of licensing organisations that intend to provide crypto services, including crypto exchanges. Peetathawatchai explained that for digital asset exchange, “currently, SET is focusing on investment tokens and utility tokens, which have been in high demand in both local and international markets.” He went on to say that investors “would like to invest in some of these digital assets” and “use either investment tokens or utility tokens to raise cash.”
He also stated that SET’s new digital asset exchange will not allow cryptocurrency trading. SET’s strength has always been in investing tools and investment vehicles. We will investigate connecting to cryptocurrency exchanges in order to convert bitcoin to fiat money, he added.
RT @markets: The Stock Exchange of Thailand plans to launch a digital-asset exchange this year — but here's why it won't directly involve crypto.
— PS-Group (@psgroup_io) February 22, 2022
Peetathawatchai also mentioned the hazards of crypto assets, stating that “currently, both the Bank of Thailand and the SEC are working jointly to look into these sectors… and I am certain that they will pass legislation on them in the future.” He went on to say that the SEC has been working with Thai listed businesses that want to enter the crypto market to “disclose more information to investors, to evaluate what the consequences, rewards, and dangers would be for this new company that listed companies would like to enter.”
Thailand has eased its crypto tax regulations, removing the highly criticised 15% withholding tax. Furthermore, the central bank, the SEC, and the finance ministry plan to regulate cryptocurrency as a payment method.