The SET unveiled its digital asset exchange early last year, with the intention of avoiding cryptocurrencies at first.
According to president Pakorn Peetathawatchai, the Stock Exchange of Thailand (SET) is considering developing a new digital asset exchange integrated with the bitcoin market.
According to Peetathawatchai, the SET plans to build its own digital asset exchange in 2022 and to permit additional exposure options such as investment tokens and utility tokens.
While the SET’s planned digital asset exchange will not be directly tied to crypto markets, the platform will have some connection to cryptocurrencies such as Bitcoin (BTC).
The stock exchange will be openly linked to a cryptocurrency exchange, allowing investors to convert their cryptocurrency into fiat cash before trading on the SET. According to Peetathawatchai:
“Our strength has always been on investment instruments or investment vehicles, and we will be looking for a mechanism to connect to a crypto exchange to convert cryptocurrency to fiat money and invest in our digital assets and traditional assets.”
“Connecting to the bitcoin market would be our way of doing business on this digital and traditional asset,” he continued.
As previously reported, the SET revealed intentions to establish a digital asset trading platform early last year, with a planned launch date of the second half of 2021. At the time, the company stated that their planned platform will not use cryptocurrency, citing the following reasons:
“The SET claims that cryptocurrencies do not match its product criteria and may assist money laundering while undermining the bourse’s image as a ‘high trust’ exchange.”