Thai Stock Exchange to Launch Tokenized Assets
- The Stock Exchange of Thailand (SET) will be launching a digital asset exchange in the second half of 2021.
- The exchange will only list tokenized digital assets.
The Stock Exchange of Thailand in Bangkok, Thailand on 19 May 2010. Charly Monsoon/Flickr
The Stock Exchange of Thailand (SET) will be launching a proprietary digital asset exchange in the second half of 2021.
According to a report from the Bangkok Post, the new trading platform will list tokenized assets, and will not include cryptocurrencies. The SEC said traditional cryptocurrencies did not meet its product qualifications as they could be used to facilitate money laundering and harm the company’s image.
Kitti Sutthiatthasil, the exchange’s executive vice-president, said the digital asset platform would be similar to Amazon, Lazada, Shopee, and other popular e-commerce marketplaces. He explained that digital tokens would need to meet at least one of three conditions to be listed on the platform. They must have an underlying asset that investors can analyze, be a valuable product that supports economic activities, or have benefits to society and the environment.
Kasikorn Business Technology Group (KBTG), an arm of Kasikornbank, will be responsible for sourcing and screening the products listed on the SET digital asset exchange. The company collaborated with the SET on a distributed ledger technology (blockchain) and digital asset investment service last year.
- One of the largest banks in Thailand, Kasikornbank (KBank), acquired local crypto exchange Satang for $103 million only a month after setting-up a $100 million fund for web3, fintech, and AI.
- Once the acquisition has been completed, KBank plans to rebrand Satan to Orbix, and separate the business into three divisions, a custody platform, crypto venture arm, and blockchain development.
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- Once implemented, the new rules will prohibit crypto companies from taking a deposit of digital assets with a promise to pay returns to depositors.
- The Thai SEC has now opened a public hearing regarding the planned ban on crypto lending and staking, and will be collecting opinions until 17 October.
- The decision came only two months after Thailand’s central bank, SEC, and Ministry of Finance revealed their plans to regulate crypto payments.
- The SEC also published a proposal on Wednesday, that could force crypto businesses to submit monthly reports on their service quality and system capacity utilization.