The Thai Stock Exchange (SET) plans to launch a new digital asset exchange integrated with the cryptocurrency market, according to Pakorn Pittawachai, chairman of the board.
SET expects to launch its own digital asset exchange in 2022 and plans to include new exposure options such as investment tokens and utility tokens, Pettawachai said in an interview with Bloomberg on Sunday.
While the upcoming SET Digital Asset Exchange will not be directly linked to cryptocurrency markets, the platform will still be linked to cryptocurrencies such as Bitcoin (BTC).
The exchange will be explicitly integrated with a cryptocurrency exchange, so that investors can convert their cryptocurrency to fiat currencies before trading on SET. Pithavatchai stated:
“Our power has always been focused on the investment car or investment car, and we will look for a way to connect to a cryptocurrency exchange to convert cryptocurrency into fiat money and invest in our digital and traditional assets.”
“This will be our way of doing business with this digital and traditional asset and connecting to the cryptocurrency market,” he added.
SET did not immediately respond to a request for comment from Cointelegraph. This article will be updated with new information.
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As previously reported, SET originally announced plans to build a digital asset trading platform early last year with a goal of launching in the second half of 2021. At the time, the company stated that its future platform would avoid cryptocurrencies, citing the following:
SET states that cryptocurrencies do not meet the requirements of their products and can facilitate money laundering, and damage the stock market’s image as a “high trust” stock exchange.