As tokenization Takes off ThailandThe country’s Securities Watchdog has announced plans to launch a digital tokens trading system.
Securities and Exchange Commission (SEC) Deputy Secretary -General, Jomkwan Congasakul, recently revealed that the system will be built on decentralized main book technology (DLT), which allows Thai companies to trade digital symbols Effective and at low costs. The project is in its early phase, and as it progresses it will need legislative changes to support tokenized securities, she added.
“SEC utilizes technology to improve the efficiency of the capital market by promoting an electronic securities ecosystem. In the future, new regulations will start to facilitate the issuance of electronic securities and online purchases of debt securities, ”she said, according to reports by Local Paper Bangkok Post.
The farmer trade in Thailand faces challenges such as illikta markets and lack of access, especially for retailers. In addition, it takes up to 14 days before bonds purchased in the primary market can be traded in the secondary market. SEC believes that DLT’s deployment will solve these challenges and free the sector with dull manual paperwork, which is susceptible to costly errors.
The controller will build Infrastructure for DLTas all marketers can use ‘at a reasonable cost. ” However, it will enable private companies to distribute their private blockchain networks, but they must follow Sec’s uniform standard for interoperability.
“In the future, there may be several chains for trade. Trade through DLT on all systems is connected with a shared book, which is expected to be completed soon, ”pronounced congregated.
Under the new DLT system, there will be two types of securities: the digital native tokens that are issued exclusively on blockchain and digital twins of existing traditional products.
Thai companies have been quickly taken to tokenization in recent years, and the supervisory authorities are now gradually capturing. Kongsakul revealed that SEC has approved four tokenization projects and reviews two more Applications. Five other units are in preliminary conversations with the guard dog and examine the feasibility of issuing green symbols.
SEC’s announcement came just a few days after Finance Minister Pichai Chunhavajira revealed Plans to issue a Thai Stablecoin supported by government bonds. The goal is to democratize investments in bonds, as the minister said has been dominated for too long by financial institutions.
Stablecoin will first be issued in a sandbox environment and at the launch the project will be supported by $ 10 billion Baht ($ 300 million) of government bonds. The Ministry works with the project with Sec and other relevant authorities and is aimed at an October launch.
The Thailand’s bank (Bot) will also be involved in the Stablecoin project. However, Governor Sethaput Suthiwartnaruutute has expressed doubt in all digital asset projects, including the planned Digital currency payment pilot On the Tourist Island Phuket.
“The benefits of the use case must be very, very clear as there are disadvantages to move to (digital assets),” he told Reuters last week.
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