Thai Stock Exchange Launching Digital Asset Trading in H2, Cryptos Excluded
Listing cryptocurrencies could harm the stock exchange’s image and lose investor confidence, an executive said.
Jan 20, 2021 at 11:16 a.m. UTCUpdated Aug 19, 2021 at 6:42 a.m. UTC
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The Stock Exchange of Thailand (SET) is launching a trading platform for digital assets in the second half of 2021.
- According to a report from Bangkok Post Wednesday, SET's executive vice-president, Kitti Sutthiatthasil, said the products listed on the platform will be tokenized assets and will not include cryptocurrencies.
- That's because the asset class does not meet the stock exchange's product standards and could be used to facilitating money laundering, he said. As such, listing cryptocurrencies could harm the stock exchange’s image and lose investor confidence.
- The digital tokens that will be listed must meet at least one of three conditions:
- A token must have an underlying asset that investors can value; it must be a "valuable" product that supports economic activities; and the product must benefit society and the environment, according to Kitti.
- Kasikorn Business Technology Group, the IT arm of Kasikornbank, will source and screen products entering the SET digital asset marketplace.
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