With the increase in the number of cryptocurrency traders, there is need to provide enough and reputable venues to trade digital currencies. For this reason, the SET (Stock Exchange of Thailand) has moved to apply for a cryptocurrency trading license.
In Thailand, a cryptocurrency trading license is issued by the ministry of finance. When granted, the SET will have a second exchange which will concentrate on providing cryptocurrency traders with a secure platform to trade Bitcoin among other virtual currencies.
As reported by Bangkok post, the Association of Securities Companies’ chairperson, Pattera Dilokrungthirapop, who also happens to be the vice chairman of the governing council of the Stock Exchange of Thailand, said the stock exchange is betting that a cryptocurrency trading license will go a long way in helping it tap into the rapidly growing digital asset market.
However, Dilokrungthirapop observed that the overall number of companies dealing in securities in the country:
Are not in a hurry to enter the digital asset trade, as some companies are still managing their core businesses, while cryptocurrencies are just one of the [virtual] asset classes where brokers can adapt their trading platforms to serve digital trading.
The SET’s board vice chairperson acknowledged that the cryptocurrency market is headed for more growth as more people “gain more understanding” of virtual currencies.
As the SET waits for a cryptocurrency trading license, it will conduct a meet-the-people tour on 19th Jan, a trip which will be both a seminar and a roadshow which will touch on cryptocurrency and artificial intelligence.
Once it gets a cryptocurrency trading license, SET will be banking on trust and capital but it will have to go an extra mile to beat other platforms that acquired a cryptocurrency trading license five years ago, and who have experience.
Do you think being a reputable stock exchange will influence its market penetration once it gets the cryptocurrency trading license?
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