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.