Cryptocurrency trading could harm the image of the Thailand Stock Exchange and make investors lose confidence in the platform, an executive said.
January 20, 2021 | AtoZ Markets – The Stock Exchange of Thailand (SET) is launching a trading platform for digital assets in the second half of 2021 but will not include cryptocurrency trading, writes The Bangkok Post.
The exchange will, however, list products that investors can evaluate on their own. Other requirements for assets were the maintenance of economic activity and the availability of “benefits” to society.
Why Thailand Stock Exchange Excluded Cryptocurrency Trading?
SET Executive Vice President Kitty Suttiattasil stated that cryptocurrencies do not meet any of the listed criteria.
“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.”
Suttiattasil cited money laundering as a major concern and said that currency stability was also the reason for the omission:
“Thailand has a strong economy. As inflation has remained low and the Bank of Thailand’s measures to keep the baht stable have worked in the past, the SET has no reason to support cryptocurrencies at the moment,”
In reality, Thailand’s economy, which is highly dependent on tourism, has been battered over the past 12 months due to the Covid-19 outbreak and the Kingdom being largely closed to foreigners.
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