SET’s Digital Asset Trading Platform: The Next Big Thing?
The Stock Exchange of Thailand (SET) has announced its intention to launch a new digital asset trading platform in the latter half of 2021. However, hold onto your hats, because it won’t be the crypto fest many were expecting. The bourse is taking a hard pass on including cryptocurrencies, which has made more than a few eyebrows raise in the industry.
Why No Cryptos?
According to the SET, cryptocurrencies like Bitcoin don’t make the cut due to several hefty concerns. SET’s executive vice-president, Kitti Sutthiatthasil, voiced out that digital currencies lack the necessary qualifications and pose serious issues like money laundering. It looks like the bourse is keen on maintaining its shiny ‘high trust’ image, and we can’t blame them for that!
SET’s Three-Step Criteria for Assets
The rules are strict! The SET outlined three essential criteria for assets looking to join its new trading arena:
- The asset must have an underlying value that investors can analyze.
- It needs to be a valuable product that tangibly supports economic activities.
- There should be clear benefits to society and the environment.
So, if your token isn’t doing double duty as an eco-warrior and a cash cow, it’s likely hitting the digital roadblock.
KBTG: The Gatekeepers of the New Marketplace
Enter Kasikorn Business Technology Group (KBTG), the tech-savvy folks who have teamed up with SET to oversee the vetting process of incoming products. With KBTG in the mix, the bourse seems to have found its digital watchdog to ensure that only the best tokens are allowed in.
The Roller Coaster of Bitkub
Hot on the heels of this big news, Thailand’s leading crypto exchange, Bitkub, is feeling the heat. After experiencing a series of outages amid a trading frenzy in January, the Securities and Exchange Commission (SEC) has put the pressure on. Their platform experienced not one, not two, but three crashes, leading to missed opportunities—and some very unhappy traders.
The Numbers Don’t Lie
Bitkub is currently crushing it in the market, holding a whopping 97% market share based on trading volume. With active accounts ballooning to nearly 800,000, the demand is high and the stakes are higher. However, following the SEC’s ruling, traders are left twiddling their thumbs as the exchange tries to get its act together.
Final Thoughts: The Future of Crypto in Thailand
As Thailand grapples with its economic landscape, primarily impacted by the pandemic, the reluctance to embrace cryptocurrencies might just be a strategic move. With an already vulnerable economy tied to tourism and a recent emphasis on stability, it seems that the SET is prioritizing traditional assets and security over the high volatility that crypto markets often present. In the ever-evolving world of finance, it will be interesting to see how these developments shape the future of digital assets in Thailand.
