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

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The Inventory Alternate of Thailand (SET) is launching a brand new digital asset alternate built-in with the cryptocurrency market, in line with president Pakorn Peetathawatchai.

The SET is anticipating to launch its personal digital asset alternate in 2022 and planning to allow new publicity choices corresponding to funding tokens and utility tokens, Peetathawatchai said in a Bloomberg interview on Sunday.

Whereas the SET’s upcoming digital asset alternate won’t be immediately associated to crypto markets, the platform will nonetheless have one thing to do with cryptocurrencies like Bitcoin (BTC).

The inventory alternate might be built-in explicitly with a cryptocurrency alternate, permitting traders to transform their crypto into fiat earlier than buying and selling on the SET. Peetathawatchai acknowledged:

“Our energy has been at all times on the funding instruments or funding automobile and we might be on the lookout for a means to connect with a crypto alternate to transform the cryptocurrency to fiat cash and investing in our digital belongings and conventional belongings.”

“That will be our means of doing enterprise on this digital and conventional asset, connecting to the cryptocurrency market,” he added.

The SET didn’t instantly reply to Cointelegraph’s request for remark. This text might be up to date pending new info.

Associated: Thailand scraps 15% crypto capital features tax following public backlash

As beforehand reported, the SET initially introduced plans to arrange a digital asset-trading platform early final 12 months, focusing on the launch within the second half of 2021. On the time, the corporate mentioned that its upcoming platform would keep away from crypto, citing the next:

“The SET says cryptocurrencies don’t meet its product {qualifications} and will facilitate cash laundering whereas inflicting hurt to the bourse’s picture as a ‘excessive belief’ alternate.”

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