Executive Vice President of the Stock Exchange of Thailand (SET) KItti Sutthiatthasil revealed that the bourse is calling on local and international partners to join in the process of developing digital tokens.
Three asset-backed digital tokens are expected to be offered in the first phase of the project. They could be based on existing assets in the SET, stocks in foreign exchanges, or the R&D project of a large corporation.
Jirayut Srupsrisopa, Co-Founder and Chief Executive of domestic crypto exchange Bitkub, affirmed that the SET is looking to work with partners to gather ideas for the digital tokens, as well as a digital asset ecosystem.
The framework for digital tokens being researched by the SET includes both securities and non-securities. Digital tokens backed by assets would include security tokens and stablecoins, whereas non-securities include utility tokens and cryptocurrencies.
Meanwhile, the SET announced that it will also organize activities and workshops with stakeholders in the digital asset market, including investors, issuers, and regulators, in anticipation of new commercial activity related to digital assets.
In May 2018, the Emergency Decree on Digital Asset Businesses was promulgated. The law categorized four types of secondary businesses relating to digital assets: digital exchanges, brokerage firms, dealers, and token portal service providers or initial coin offering (ICO) portals.
Secondary businesses looking to operate in the Kingdom must apply for licenses from the Ministry of Finance. However, ICO portals are required to submit their request for approval to the Securities and Exchange Commission of Thailand.
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