The Stock Exchange of Thailand (SET) Looks to Gain a Crypto Trading Digital License
Thailand is making a considerable effort to become a crypto friendly country. In fact, the country has been able to become one of the most friendly nations to crypto in its region lately due to its legislation.
Now, the Stock Exchange of Thailand (SET) has decided that it should apply for a digital license in the country in order to also operate a crypto exchange as well as its traditional stock exchange services. The SET wants to surf on the crypto wave and cryptos are very popular there, so now is the time.
Pattera Dilokrungthirapop, the chairwoman of the Association of Securities Companies, which acts as the vice chair of the SET, too, was one of the people spearheading the idea of broker dealing digital assets, too.
According to Pattera, digital assets will grow a lot in the future, so now is the time to prepare the field and to get more understanding about how they work because the companies that get the head start now will be benefited in the future.
The group has stated that it will apply soon and, if the license is actually acquired by them, this could become the first stock exchange in the country to have a crypto business as well, which would put it way ahead of the other exchanges, as the company has a lot of capital and it is well established and trusted in the country.
In fact, the company is not alone as many other companies are also very interested in acquiring a digital asset license with the Finance Ministry now.
One of the first officially approved exchanges in the country, Bitkub Group, was one of the first to actually show some interest in partnering with the company, too, so it looks like the company is on a great course.
Exchanges Apply And The Rejected Ones Reapply
Crypto is becoming such a great business in Thailand that many companies are applying for licenses and the ones who actually get rejected instead of having their way decided to reapply again in most cases. Coin Asset Co is one of these companies.
Its first try was not successful, so the company is now focused in getting up to the SEC standards in order to have a shot, as the license is needed to be able to work legally in the country.
The CEO of Coin Asset Co, Sivanus Yamdee, has confirmed that the company is seeking a way to keep their business moving towards the peak and that they will reapply again in four months.
By looking at Thailand, one could say that the country is on the right track as the government has actually took its time to create a comprehensive framework that will help companies to work in Thailand, unlike all the trouble that is happening in the United States and Europe right now with regulation issues.