The Stock Exchange of Thailand (SET) has announced a new trading platform made only for digital tokens. The exchange has stated that it isn’t supporting cryptocurrency on its new trading platform.
The reasons for its refusal to support crypto trading on its new platform runs from it being volatile to the excessive use of crypto for money laundering.
The platform will be used for the exchange of asset backed digital tokens, but will not be able to buy or sell cryptocurrencies like Bitcoin.
The stock exchange of Thailand also said that BTC did not meet the standard criteria for listing.
Cryptocurrencies Will Damage The Reputation Of The Stock Exchange of Thailand (SET)
Local news has reported that the exchange decided that it won’t support crypto on its platform because it hasn’t met the standard for listing.
It said crypto would harm the standard of the exchange. Kitti Suthiatthasil, Executive Vice-President of Thailand’s Stock Exchange, set out the purposes behind not supporting cryptocurrency on the new platform.
Digital currencies like Bitcoin are now utilized in certain nations which are encountering high inflation and cash fluctuation. Examples are Zimbabwe and Venezuela as an equivalent of fiat money.
Crypto Can be a Tool for Money Laundering
A strong reason behind why the SET isn’t keen on digital currencies notwithstanding their new surges is that they can undoubtedly be utilized for money laundering and illegal tax avoidance.
Suthiatthasilb said, in the event that If individuals are found laundering cash on the Stock Exchange of Thailand (SET) digital asset platform utilizing cryptocurrencies. It could hurt the SET’s reputation and also investors confidence.
The Vice President added that they simply purchase the future, and ideally, the digital asset market place will develop to its truest form.