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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.
STORY CONTINUES BELOW
- 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.
Read more: Thai Stock Exchange Plans to Launch a Token Trading Platform
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
