Thailand About To Introduce A New ‘Bond Coin’ For Faster Securities Settlement

The Thailand Bond Market Association (TBMA), a self-regulatory firm located in the heart of Thailand has plans of a creating a specialized token in an effort to speed up corporate bond settlement in the country.

This new venture got its acceptance from the Thailand Securities and Exchange Commission in a bid to help create a private blockchain which will be open to all parties in the security market, like those of registered issuers, investors, and depository firms.

According to reports from Bangkok Post, TBMA announced that the new procedure will be divided into three different phases which will commence next month. “The organization further explained it will first create a blockchain-based platform for listing and sharing bond information, such as rates in a distributed manner,” cited Coindesk.

The firm further added that the platform will add new features to empower bond deposits in the second platform which will according to them take nine months for completion, the report stated. The TBMA showed it will, in the long run, create what it calls a “bond coin”.

The exertion takes after news that Thailand’s national stock trade has created a blockchain platform in which its expectations will extend access to capital assets for residential new businesses and improve the productivity of Thailand’s equity market.

The blockchain is progressively being looked at and adopted in the securities markets as an answer for enhancing settlement frameworks.

Meanwhile, a gathering of industry partners including Nasdaq has built up a blockchain platform to exchange guarantee to focal counterparties when exchanging securities.