SET to Establish Digital Asset Trading Platform

The new platform will provide new fundraising channels for businesses and create opportunities for investors, as Thailand seeks to develop its digital economy. 

The SET (Stock Exchange of Thailand) has established a subsidiary under which it plans to launch a DLT-based digital asset trading platform in 2021.

The subsidiary – Thai Digital Assets Exchange Co. Ltd – follows a partnership between SET with KBTG (Kasikorn Business Technology Group), Kasikornbank’s technology arm, a collaboration to design a prototype of an open digital asset platform.

In a statement, the SET said its new subsidiary will drive the development of an end-to-end digital asset platform which encompasses ICO (initial coin offering) portal connectivity, a secondary market for digital assets, and digital wallets for the secure storage of digital tokens.

Cryptocurrencies will not be traded on the platform.

The new platform is expected to provide new fundraising channels for businesses and create opportunities for investors, in alignment with the government’s policy to develop the country’s digital economy.

“Our collaboration with SET aims to develop an open platform that creates new opportunities for Thai businesses,” said KBTG chairman Ruangroj Poonpol.

“The new platform is expected to be more flexible than the existing solutions in the market by designing offered token to incorporate traits of equity, bond, and mutual fund unit that not only delivers monetary returns but also utility rights; this makes for an interesting aspect of asset-backed tokens issued by ICO portal.”

The SET and KBTG are preparing to apply for relevant digital asset operating licenses from the SEC (Securities and Exchange Commission), where KBTG will be the first ICO portal to connect to the new platform.

The first token fundraisings on the new platform expected to commence in 2021.

“We believe that the collaboration will be a turning point in the country’s fundraising and investment landscape in the next few years,” Poonpol said.

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