Thai Stock Exchange Announces Digital Asset Platform

Reading Time: 2 minutes

The Stock Exchange of Thailand (SET) has announced plans to revolutionize the Thai capital markets and launch a new digital asset platform in 2020. Other stock exchanges from around the world have made similar moves and inroads into crypto markets, adding Bitcoin and Ethereum indices to markets. On top of creating this new digital asset platform, the SET is hoping to make the new platform easy to use and in line with the team’s visions.

Currently, a lot of stock exchange platforms are rather clunky and outdated, meaning a refurbishment of this system would put SET ahead of the crowd, potentially outdoing NASDAQ and London Stock Exchange.

Stock Exchanges Launching Crypto Trading

It isn’t just the SET looking at introducing crypto trading, the Barbados Stock Exchange (BSE) has just launched crypto and STO trading on its platform. After teaming up with Blockstation, the BSE began allowing users to trade a handful of cryptos and STOs via its brand-new digital asset trading platform. In a similar vein, the Jamaican Stock Exchange added digital asset trading and STO trading on its new platform with a Blockstation partnership.

Thailand Warming up to Cryptos

Thailand has been slowly warming up to the crypto and blockchain world for a number of months now. The Thai National Electronics and Computer Technology Center (NECTEC) has been hard at work developing a blockchain based voting system for the next elections in the country, and testing has already begun. Adding to this, the Bank of Thailand has been allowing local banks to launch subsidiaries that will be able to deal in cryptos. This huge move means that local banks can start spreading the crypto revolution through Thailand, allowing mass adoption to occur with greater ease.

Hitting the Cinema with Bitcoin

One of the biggest cinema chains in Thailand has started accepting Bitcoin for tickets and snacks. People visiting Major Cineplex cinemas will now be able to buy their tickets using Bitcoin, a huge move for the Thai crypto industry. It appears that this move is what has set the tone for further crypto positivity in Thailand, so our hats are certainly off to Major Cineplex.

As the SET starts work on its digital asset trading platform, the entire nation waits with bated breath. The new platform will be one of the best international stock exchanges in the world and will catapult the SET into international stardom. While many overseas traders don’t really use the SET, this new platform could entice foreign traders to start looking at Thai financial products more seriously.