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.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.