SET’s Ambitious Plans for a Digital Asset Exchange
The Stock Exchange of Thailand (SET) is stepping on the gas, gearing up to launch a new digital asset exchange, much to the excitement of investors everywhere. Pakorn Peetathawatchai, the SET president, recently let the cat out of the bag during an interview, revealing ambitions to blend digital assets with traditional markets while keeping an arm’s-length relationship with cryptocurrencies.
What to Expect from the New Exchange
Although the SET’s new platform won’t directly dabble in cryptocurrencies, it will still provide routes to invest in novel digital instruments. Preparing for an official launch sometime in 2022, the SET plans to include new investment options, such as:
- Investment Tokens: Specialized tokens that represent a stake in a specific project or asset.
- Utility Tokens: Digital tokens that can be used for specific services or products within an ecosystem.
Connecting Cryptos and Fiats: A Pragmatic Approach
Peetathawatchai makes it clear that while they aren’t diving headfirst into the crypto pool, the new digital exchange will make it easy to convert cryptocurrencies into fiat currency. This move could open a few doors, allowing investors to trade on the SET liquidity while technically keeping the cryptos at bay.
Why the Hesitation with Cryptocurrencies?
In earlier statements from the SET, it was indicated that cryptocurrencies might not meet product qualifications, with concerns about potential money laundering and negative impact on the bourse’s reputation. These apprehensions certainly make sense when you consider the pop-up of shady schemes in the crypto world. The core sentiment? “Trust, but verify.”
What’s Next for SET?
The SET is keeping its options open and clearly aims to watch the crypto landscape from a safe distance, letting investors play in a controlled environment. As we await the launch, it’ll be fascinating to see how this platform evolves and responds to market changes and investor interest. Who knows? We might be seeing a shift in how we engage with both traditional and digital assets!
In Conclusion
While SET is not diving directly into the crypto waters, it’s definitely planning to splash around with innovation in its digital asset exchange. This strategy could potentially broaden the horizons for investors while ensuring that the traditional financial systems stay intact and, most importantly, trustworthy.
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