Thailand is quickly becoming one of the most crypto-friendly countries in Southeast Asian region despite still being reportedly a tumultuous political landscape, a recent report notes.
The Stock Exchange of Thailand (SET) has plans to apply for a digital license which will enable it to operate a cryptocurrency exchange.
The SET is keen to get on the growing trend of digital asset trading which is extremely popular in the region.
According to the chairwoman of the Association of Securities Companies and vice-chairwoman of the SET’s board of governors, the bourse plans to apply to become brokers and dealers for digital asset trading.
If the application is successfully Thailand’s stock exchange will become one of the first in the world to set up a separate crypto exchange according to another report. It is already a step ahead of other exchanges in the Kingdom as it has large capital and long-established trust among investors.
The Finance Ministry is the authority for digital license issuance in the country while the SEC is the primary regulator. The SET is not alone as the number of firms with an interest in setting up digital asset operations is growing.
The chairwoman noted that securities firms are currently waiting for the SET to apply for a license. For the government, digital assets are expected to grow in the future as investors gain more understanding of this asset class.
One of Thailand’s first officially approved crypto exchanges has shown interest in partnering with the bourse on its upcoming digital asset exchange. The SEC recently granted digital asset business licenses to four crypto exchanges while two remained pending and one was rejected.
In a related development one of those exchanges, another cryptocurrency firm, has plans to reapply for its license as assets on the platform took a nosedive following recent SEC rejection. Failing to meet SEC standards was cited as the reason for the failure to approve the license.
The firm’s chief executive stated that the firm is looking for ways to keep its digital asset exchange operating as the business cycle is moving towards a peak. However, the processing time for reapplication is four months.
Regulators in the kingdom are on the right track and the SET showing interest will be a huge boost for the crypto industry in the region.
Recently, OpenGov Asia reported that Thailand is working to speed up its blockchain adoption, not just in cryptocurrency.
In August 2018, the Bank of Thailand said it would create a digital currency to be used for transferring money among commercial banks and the central bank. It said it would work with eight commercial banks to build a prototype.
More recently, the region will reportedly be using blockchain in new e-voting tech.
The technology will combine e-voting in close groups and traditional voting. When 5G is adopted, all voters will be connected to the platform.
The head of the cybersecurity laboratory at NECTEC stated that he developed blockchain technology for e-voting that can be applied to national, provincial or community elections, as well as business votes such as the board of directors. He added that the goal is to reduce fraud and maintain data integrity.
Thus, Thailand is proving, time and time again, to be a place where blockchain technology is embraced and adapted to fit the country’s needs and help its economy flourish.