The Thai stock exchange plans to connect crypto with its digital asset platform as the SET announced it recently and originally planning to avoid crypto so let’s read further in our latest cryptocurrency news.
The Thai Stock exchange is looking at launching the new digital asset exchange integrated with the crypto market as per president Pakorn Peetathawatchai. The SET expects to launch its own digital asset exchange in 2022 with plans to enable new exposure options such as investment tokens and utility tokens. While the SET’s upcoming digital asset exchange won’t be directly related to markets, the platform will have something to do with coins like Bitcoin.
The Stock Exchange of Thailand plans to launch a digital-asset exchange this year — but here's why it won't directly involve crypto.
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The Stock exchange will be integrated with a crypto exchange and will allow investors to convert their crypto into fiat before trading on the SEC as the president said:
“Our strength has been always on the investment tools or investment vehicle and we will be looking for a way to connect to a crypto exchange to convert the cryptocurrency to fiat money and investing in our digital assets and traditional assets. That would be our way of doing business on this digital and traditional asset, connecting to the cryptocurrency market.”
The SET initially announced plans to set up a digital asset trading platform and targeted the launch in the second half of 2021 and at the time, the company said that its upcoming platform will avoid crypto because:
“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.”
As recently reported, Thailand suspends the implementation of the 15% crypto capital gains tax for now the proposal was presented earlier this year but it triggered a lot of opposition and it seems that some sort of crypto tax will still be implemented after all. Thailand will not proceed with its 15% crypto tax plan after the traders expressed strong opposition. On income taxes, the tax officials said that the earned profits from crypto trading or mining are taxable as capital gains.
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The Revenue Department of the country intended to tighten oversight of crypto trading after seeing a dramatic increase in the size of the market in 2021. However, the industry stakeholders issued dire warnings of taxation that could stifle the future development of the nascent sector.
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