Stock Exchange of Thailand (SET) is gearing up to allow its users to invest in cryptocurrencies via its platform very soon. Presently, SET is awaiting approvals from the Thai Securities and Exchange Commission (SEC), which also acts as the crypto regulator of the country. The development comes in the backdrop of the crypto sector witnessing notable expansion in the Southeast Asian country. As per a study by crypto research firm TripleA, over 3.6 million citizens, making for 5.2 percent of Thailand’s total population, currently own cryptocurrency.
The SET aims to ring-in the new service between July and September this year.
“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,” Pakorn Peetathawatchai told Bloomberg in a recent interview.
It is noteworthy that SET’s digital asset exchange service has no plans of operating as a crypto trading platform.
“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 added.
The SET is laying special focus on bringing in cryptocurrencies that have been high in demand in national as well as global markets.
The crypto supporting voices in Thailand have been making a mark of late.
Earlier this month, Thailand scrapped the 15 percent withholding tax cap on crypto incomes, after the decision garnered backlash from people.
The SEC, in addition, is working along with Thailand’s central bank to regulate crypto as an alternate payment option.
Meanwhile, New York Stock Exchange and Bulgarian Stock Exchange are also working on integrating crypto-related services to their respective platforms.
The current crypto market cap stands at $1.59 trillion (roughly Rs. 1,20,10,123 crore) as per CoinMarketCap.
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