Stock Exchange of Thailand to launch digital assets platform in 2020
The Stock Exchange of Thailand has announced plans to launch a digital assets trading platform for 2020, as part of a drive to develop a new ecosystem for digital assets in the country.
Underlining it was “ready for digital transformation”, the exchange confirmed this week it would be working closely with a range of different stakeholders to develop the platform ahead of its launch next year.
The project forms a central part of the exchange’s three year strategic plan to 2021, designed to develop digital asset infrastructure to create what has been described as a “one-stop” market for digital assets and securities.
The move will help make it easier and quicker to access digital instruments, while “opening up new investment opportunities” for Thai companies and investors.
According to a press release announcing the move, the Stock Exchange of Thailand said the new model would take Thai capital markets to the next level.
It stated, “SET strongly believes that the collaboration with all stakeholders in enhancing the existing infrastructures that are a backbone of the current ecosystem and in building the new digital asset ecosystem will be a turning point that will take the Thai capital market to the next level. SET stands ready to build and operate the capital market that is underpinned by trust.”
The process of digital transformation is already underway, with a “real transformation” beginning in the third quarter, according to the exchange. This will begin with a full digitisation of account infrastructure, bringing various digital processes on-stream including electronic account opening, payments for stamp duty and direct debit registration.
SET then intends to connect its mutual funds platform to Vestima, the global funds processing system run by Clearstream. Finally, interbank payments at the exchange will be made “more effective,” to complete the improved, digital experience for securities firms.
The plans for the digital exchange were first announced back in January, when the stock exchange confirmed it would be applying to the Ministry of Finance for the relevant license to operate the platform.
At the time, Stock Exchange of Thailand Vice Chairman Pattera Dilokrungthirapop said the move was a response to a groundswell in demand for crypto assets, and a desire to create a legitimate, regulated platform for digital securities.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.