- The Stock Exchange of Thailand is set to launch an exchange by the end of the year without direct involvement with cryptocurrencies.
- The exchange could add utility and investment tokens due to high demand for the same in local and international markets.
- Firms could use investment and utility tokens to raise funds through the Stock Exchange of Thailand.
The Stock Exchange of Thailand (SET) has revealed plans to launch a digital asset exchange in an interview with Bloomberg. The exchange could offer tokens without direct involvement with cryptocurrencies.
SET is bullish on utility and investment tokens in 2022
The Stock Exchange of Thailand (SET) has unveiled plans to launch a digital asset exchange before the end of 2022. President Pakorn Peetathawatchai of SET revealed the news in an interview with Bloomberg.
The SET’s plan is to offer investors exposure to investment and utility tokens through its digital exchange in 2022. The digital asset exchange would not be directly linked to cryptocurrencies, and SET’s platform would have cryptocurrencies like Bitcoin (BTC)
The exchange’s President notes that investors have expressed demand for digital assets, utility and investment tokens. The demand from Thailand-based and international investors motivated SET to launch a cryptocurrency exchange.
Peetathawatchai was quoted as saying:
That would be our way of doing business on this digital and traditional asset, connecting to the cryptocurrency market.
SET is keen on launching the exchange in the second half of 2022, and the exchange noted that cryptocurrencies do not meet its product qualifications. The exchange acknowledges the likelihood of cryptocurrencies facilitating money laundering while causing harm to the bourse’s image as a trusted exchange.
Thailand recently scrapped its 15% capital gains tax due to public backlash. Proponents believe that the news of the cryptocurrency exchange launch and withdrawal of capital gains taxes are bullish for adopting digital assets in Thailand.
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