The Stock Exchange of Thailand (SET) looks to integrate Bitcoin and crypto trading albeit in an indirect way.
The President of SET, Pakorn Peetathawatchai has revealed the launch of a new exchange that allows crypto to be converted into fiat for trading on the SET.
Stock Exchange of Thailand and indirect trading with Bitcoin and crypto
In a Bloomberg interview, the President of the Stock Exchange of Thailand, Pakorn Peetathawatchai revealed the exchange’s plan to indirectly integrate trading with Bitcoin and crypto.
The Stock Exchange of Thailand plans to launch a digital-asset exchange this year — but here's why it won't directly involve crypto.
— Bloomberg Markets (@markets) February 22, 2022
“The Stock Exchange of Thailand plans to launch a digital-asset exchange this year — but here’s why it won’t directly involve crypto”.
Basically, in 2022, the SET expects to launch its own digital asset exchange and is planning to enable new exposure options such as investment tokens and utility tokens.
Not only that, the exchange will be explicitly integrated with another crypto-exchange that will allow investors to convert their cryptocurrencies into fiat before trading them on the SET.
In this regard, Peetathawatchai stated:
“Our strength has been always on the investment tools or investment vehicle and we will be looking for a way to connect to a crypto exchange to convert the cryptocurrency to fiat money and investing in our digital assets and traditional assets. That would be our way of doing business on this digital and traditional asset, connecting to the cryptocurrency market”.
Stock Exchange of Thailand and the link to BTC and crypto
Peetathawatchai’s revelation paves the way, albeit still in a limited way, for trading traditional assets with cryptocurrencies, through a kind of link that would incorporate crypto investors to have new access.
This is a sign of openness compared to the previous arrangement, which had intended to apply a tax on Bitcoin and cryptocurrency trading.
Earlier this month, in fact, it seems that this intention was abandoned and that the 15% tax on crypto transactions was just a bad dream for investors. Nothing real.
Not only that, but the week before the announcement of the hypothetical tax, news was published that regulations for payments with digital assets will soon be enacted, and that this will inevitably affect cryptocurrencies.
Thailand’s aim is to restrict the use of crypto payments, while continuing to pursue financial innovation by supporting investments in blockchain.