The SET announced its digital asset exchange early last year, originally planning to avoid cryptocurrencies.
The Stock Exchange of Thailand (SET) is looking at launching a new digital asset exchange integrated with the cryptocurrency market, according to president Pakorn Peetathawatchai.
The SET is expecting to launch its own digital asset exchange in 2022, planning to enable new exposure options like investment tokens and utility tokens, Peetathawatchai said in a Bloomberg interview on Sunday.
While the SET’s upcoming digital asset exchange will not be directly related to crypto markets, the platform will still have something to do with cryptocurrencies like Bitcoin (BTC).
The stock exchange will be integrated explicitly with a cryptocurrency exchange, allowing investors to convert their crypto into fiat before trading on the SET. Peetathawatchai stated:
“Our strength has been always on the investment tools or investment vehicle and we will be looking for a way to connect to a crypto exchange to convert the cryptocurrency to fiat money and investing in our digital assets and traditional assets.”
“That would be our way of doing business on this digital and traditional asset, connecting to the cryptocurrency market,” he added.
The Stock Exchange of Thailand plans to launch a digital-asset exchange this year — but here’s why it won’t directly involve crypto.
Watch the full interview: https://t.co/GTzo9LHhYo pic.twitter.com/rU8cyIe6ZW
— Bloomberg Markets (@markets) February 22, 2022
The SET did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending new information.
Related: Thailand scraps 15% crypto capital gains tax following public backlash
As previously reported, the SET initially announced plans to set up a digital asset trading platform early last year, targeting the launch in the second half of 2021. At the time, the company said that its upcoming platform will avoid crypto, citing the following:
“The SET says cryptocurrencies do not meet its product qualifications and could facilitate money laundering while causing harm to the bourse’s image as a ‘high trust’ exchange.”