“We need to prepare to transform our digital asset exchange because the world is changing fast,” says President Pakorn. Because “if we wait too long now, it may already be too late to stay competitive,” it continues.
In order for the Exchange for Bitcoin & Co. to go according to plan at the start, the Thai supervisory authority SET, however, still have to give their go. For, according to Bitcoin law, which regulates crypto currencies and their trading extensively since May 2018, stock exchanges are obliged to obtain a license from the regulator before the operating business is allowed to start.
SET: Together for compliance
The ambitious project, however, requires the help of a number of experts from the Space. For example, a round table is planned for March 27 where various stakeholder groups such as regulators, banks, asset managers and FinTechs can comment on the project.
Thailand’s government has been paving the way for a crypto-friendly future for quite some time. The administration of the Southeast Asian country wants to use the Blockchain against tax evasion. In addition, the country’s central bank reports rapid progress in the development of its own cryptocurrency.
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