The Thailand stock exchange is planning on moving in the direction of a few major European stock exchanges by exploring the idea of developing a digital asset trading platform. This has always been one of the focus of the Thai stock exchange.
According to reports coming from the Finextra report, this exchange has already set this idea on the table and has plans for a 2020 launch.
There are also blueprints which have detailed the infrastructure of the digital asset exchange. According to the blueprints, this stock exchange is also planning to complete a digitized new way of trading which will include accounts being opened through an electronic identification verification process and will see the introduction of a debit registration process.
The Exchange is now planning to completely digitize the way trading is done through the platform with the introduction of the account opening process through electronic identification, electronic payment and stamp duty along with direct debit registration processes.
The exchange is now preparing a road map for the initiative and is working with shareholders for the development of the platform.
According to the report, there is a commitment to the initiative and Pakron Peetathawatchai.
“SET strongly believes that the collaboration with all stakeholders in enhancing the existing infrastructures that are a backbone of the current ecosystem and in building the new digital asset ecosystem will be a turning point that will take the Thai capital market to the next level.”
The shift of stock exchanges towards crypto
The Switzerland-based stock exchange which goes by the name SIX made an announcement last month on the ongoing development of blockchain-powered exchanges. SIX Exchange (SDX) has a target launch for the second half of 2019.
The German Deutsche Borse has also been betting heavily on this new technology with plans to launch a similar trading platform. The company has also appointed a dedicated team to work on the development of the decade-old technology.
According to reports coming from the German derivative exchange, it has plans to launch a crypto futures instrument backed by Bitcoin, Ethereum and Ripple are ready for its implementation.
The Thailand Securities Exchange Commission (SEC) also has plans to set up a dedicated initial coin offering (ICO) portal. This financial watchdog will be introducing some proper guidelines for security tokens offerings (STO) in the country.