Thailand Stock Exchange to Launch a Digital Asset Exchange
After Thailand recently eased its tax rules on crypto, removing the heavily criticized 15% withholding tax, plans are ready to regulate crypto as a means of payment in the country and the Stock Exchange of Thailand (SET) is about to launch a digital asset exchange.
In an interview with Bloomberg this week, the president of the SET, Dr. Pakorn Peetathawatchai, said that the Thai Securities and Exchange Commission (SEC) could be giving the go-ahead signal for the exchange “very soon.” He said:
“We expect that our regulator, the SEC, will give an approval very soon, and we hope that we can start operation in the second or third quarter this year.”
The president of the Thai stock exchange continued:
“For our digital asset exchange, we would concentrate on investment tokens and utility tokens — those are the things that have been in high demand in both local and international markets.”
He added:
“[Investors] would like to invest in some of these digital assets” and “use either investment tokens or utility tokens as a means to raise funds.”
In Thailand, the Securities and Exchange Commission (SEC) is responsible for issuance of licenses to those entities wanting to offer crypto services, including crypto exchanges. Nevertheless, when asked whether the SET’s new digital asset exchange will also offer cryptocurrency trading, he responded dismissive. He said:
“Our strength has always been in the investment tools, investment vehicles.
We will look into a way to connect to crypto exchanges to convert cryptocurrency to fiat money.”
Peetathawatchai told Bloomberg that the SEC has been working with the crypto industry “to disclose more information to investors”, elaborating:
“At the moment, both the Bank of Thailand and the SEC have been working together to look into these areas … and I certainly think that they will come up with a law … in the future.
When you look at the SEC, they have been working very hard on educating investors, disclosing a lot of information on crypto exchanges and cryptocurrencies.”
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Source: igaming
