The Stock Exchange of Thailand (SET) plans to apply for a digital securities license from the Finance Ministry according to national news reports. The announcement was made this week as the country looks to become a prime mover in this new cryptocurrency sector.
Although it’s not talked about as it should, there is currently a race over which country will become the leading hub for the tokenized security sector. Although Singapore, the United States, and Malta are some of the leaders of the pack in this regard, Thailand is also looking to enter this increasingly competitive marketplace as reported by the Bangkok Post.
A royal decree last May made it possible to register as a broker-trader for digital assets in Thailand and now the country’s leading stock exchange, the SET, is looking to utilize this new degree to finally incorporate tokenized securities into their platform. Once obtained, the SET would practically be the first stock exchange in the world to make the leap into digital asset trading.
According to Pattera Dilokrungthirapop, chairwoman of the Association of Securities Companies and vice-chairwoman of the SET’s board of governors, the SET has a significant upper hand due to having access to “large capital” and also possesses significant trust.
This weekend, the SET held an “investment expo” with interested parties which showcased the future outlook for the digital securities space along with new AI required for trading them.
As Dilokrungthirapop explains:
“Securities firms are currently waiting for the SET to apply for a licence. For us, digital assets are expected to grow in the future as investors gain more understanding of this asset class.”
We can expect the SET to be able to obtain a license for digital assets sometime this year with more information forthcoming in the next few months.
Are tokenized securities about to be big in Thailand? Is this the exciting start of something new? Let us know your thoughts in the comments.
Image courtesy of Stock Exchange of Thailand.