The Thailand Stock Exchange (SET) has been developing a digital asset trading platform for several years. However, it has now become known that cryptocurrencies will not be featured on the platform.
The launch of the digital asset trading platform was originally scheduled for 2020, but was then pushed back to the second half of 2021. According to The Bangkok Post, a digital asset must meet three criteria to be listed on the platform.
However, according to SET executive vice president Kitti Sutthiatthasil, bitcoin and other cryptocurrencies do not fit the above criteria. At the same time, the main problem is the use of cryptocurrencies for money laundering.
“According to representatives of SET, cryptocurrencies do not meet the criteria for the product and can be used for money laundering, which will damage the reputation of the exchange,” the publication said.
A token applying for listing on the platform must be based on some kind of financial or real asset for investors to determine its value. In addition, such an asset should be “a valuable product that supports the economy” and “provide benefits to society and the environment”.
Also, SET management is concerned about the lack of stability of such assets. A subsidiary of Kasikorn Bank, Kasikorn Business Technology Group (KBTG), will be involved in the verification and selection of digital assets. The company has worked with SET on numerous occasions to create collaborative projects using blockchain.
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