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Here’s how Thailand Stock Exchange plans to connect crypto with its digital asset platform

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According to SET president Pakorn Peetathawatchai, the Stock Exchange of Thailand (SET) is considering developing a new digital asset exchange linked to the bitcoin market.

In a Bloomberg interview on Sunday, Peetathawatchai indicated that the SET plans to build its own digital asset market in 2022, with new exposure possibilities such as investment and utility tokens.

While the SET’s planned digital asset exchange will not be directly linked to cryptocurrency markets, it will include digital assets such as Bitcoin (BTC).

Investors will be able to convert their digital assets into fiat currency before trading on the SET. Because the stock market will be openly linked to a cryptocurrency exchange. Peetathawatchai claims that:

“We’ll be looking for a mechanism to link to crypto exchange to convert crypto to fiat money. And invest in our digital and traditional assets.”

He went on to say, “That would be our way of connecting to the cryptocurrency market. And doing business on this asset.”

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As previously reported, the SET announced plans to construct a digital asset trading platform early last year. With a predicted debut date in the second half of 2021. The company said at the time that crypto will not be present in its upcoming platform. Citing the following reasons: “The SET believes that cryptocurrencies do not meet its product standards. And may aid money laundering while undermining the bourse’s reputation as a “high trust” exchange.”

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