According to a report, the Stock Exchange of Thailand (SET) is developing and launching a digital asset trading platform in 2020. With that, the Thai Stock Exchange is following stock exchanges in other countries.
After several major stock exchanges announced the plans to launch a digital asset trading platform, Thailand is now moving in the same direction. According to a report from Finextra, the Thai Stock Exchange has plans for a 2020 launch.
Furthermore, according to the report, the Thai exchange is currently preparing a roadmap for the initiative and is working together with the shareholders on the development of the digital asset trading platform.
Pakorn Peetathawatchai, Chief Executive Officer at The Stock Exchange of Thailand, said about the news:
“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.”
The stock exchange is also planning to completely digitize the new trading platform including paperless account opening through electronic identification verification, electronic payment of stamp duty and direct-debit registration processes.
The Stock Exchange of Thailand is not the first exchange with the plans to launch a digital asset trading platform. The New York Stock Exchange (NYSE) is of course the most well-known example, but also the Switzerland-based stock exchange SIX and Germany’s Deutsche Börse are going to launch similar digital trading platforms.