Thailand plans to introduce its own digital currency exchange


In an interview with Bloomberg on Sunday, Peetathawatchai said SET plans to develop its own digital asset exchange, with additional exposure opportunities such as utility and investment tokens.

The SET digital asset exchange will have direct links to cryptocurrency markets, but it will have bitcoin.

The SET will be directly connected to the Thai Digital exchange, allowing investors to convert digital assets into cash before starting to trade on the SET.

While some countries, like China, are pushing to ban cryptocurrencies completely, several smaller economies, like El Salvador, have decided to use this new business opportunity. Now, there seems to be a third category that intends to take a more diplomatic approach towards the cryptocurrency market. In the third quarter of this year, the Stock Exchange of Thailand (SET) will establish Thai Digital Exchange (TDX), its own digital asset exchange, with asset-backed investment tokens as its initial offering. Early last year, SET announced plans to build a digital asset exchange platform, with an expected launch date in the second half of 2021. The company said at the time that its platform -form intended would not use cryptocurrency, stating that cryptocurrencies do not meet its product requirements and could contribute to money laundering.

After hinting at a centralized digital currency for more than a year, SET is preparing to introduce it soon. SET Chairman Pakorn Peetathawatchai explained this in his recent interview with Bloomberg on Sunday.

SET does not want the influence of the unregulated cryptocurrency market on its new coin.

The Thai stock market will have open connections with crypto exchanges.

Many foreign exchanges are experimenting with the same idea, including the Swiss market, which in September received regulatory clearance to operate SIX Digital Exchange (SDX).


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