The Thai Stock Exchange Plans to Integrate Cryptocurrency with its Digital Asset Platform

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  • The Stock Exchange of Thailand (SET) is looking at launching a new digital asset exchange integrated with the cryptocurrency market.
  • SET president Pakorn Peetathawatchai said in a Bloomberg interview on Sunday that the company plans to build its own digital asset market in 2022.
  • The SET revealed intentions to build a digital asset trading platform early last year, with a projected launch date of the second half of 2021, as previously reported.

The Stock Exchange of Thailand (SET) is looking at launching a new digital asset exchange integrated with the cryptocurrency market, according to president Pakorn Peetathawatchai. 

According to SET president Pakorn Peetathawatchai, the Stock Exchange of Thailand (SET) is considering developing a new digital asset exchange integrated with the bitcoin market.

Peetathawatchai said in a Bloomberg interview on Sunday that the SET wants to launch its digital asset market in 2022, with new exposure options such as investment tokens and utility tokens.

Peetathawatchai said in a Bloomberg interview on Sunday that the company plans to build its digital asset market in 2022, with new exposure options such as investment tokens and utility tokens.

While the SET’s planned digital asset exchange will not be directly tied to cryptocurrency markets, it will feature cryptocurrencies like Bitcoin (BTC).

The stock market will be openly linked to a cryptocurrency exchange, allowing investors to convert their digital assets into fiat currency before trading on the SET.

“Our strength has always been on investment instruments or investment vehicles,” Peetathawatchai said, “and we will be searching for a mechanism to connect to a crypto exchange to convert cryptocurrency to fiat money and invest in our digital assets and traditional assets.”

“Connecting to the bitcoin market would be our way of doing business on this digital and traditional asset,” he continued.

The SET did not immediately respond to a request for comment from Cointelegraph. This article will be updated as new information becomes available.

The SET revealed intentions to build a digital asset trading platform early last year, with a projected launch date of the second half of 2021, as previously reported.

“The SET says cryptocurrencies do not meet its product qualifications and could facilitate money laundering while harming the bourse’s image as a ‘high trust’ exchange,” the company said at the time, citing the following: “The SET says cryptocurrencies do not meet its product qualifications and could facilitate money laundering while harming the bourse’s image as a ‘high trust’ exchange.”

Shambhavi Soni
Shambhavi Soni

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