CRYPTOCURRENCY NEWS

Thailand’s Securities Firms Plan to Launch a Cryptocurrency Exchange

Thailand cryptocurrency exchange

The association of securities firms in Thailand is reportedly planning to jointly launch a new cryptocurrency exchange amid the growing retail and institutional interest in crypto trading.

The Association of Securities Companies (ASCO) – the collective body representing Thailand’s securities firms – is exploring the possibility of establishing a joint cryptocurrency exchange, the Bangkok Post confirmed in a report.

A handful of securities firms are in the process of jointly submitting an application for a crypto exchange license from regulators to cut operating costs and collaborate on information sharing, ASCO chairwoman Pattera Dilokrungthirapop revealed.

Notably, she added that ‘many [member] securities firms’ have expressed an interest in entering the cryptocurrency sector to operate ‘initial coin offering (ICO) portals and [crypto] exchanges as well as becoming brokers and dealers in digital asset trade.’

While a securities business license allows industry firms to become a digital asset brokerage or dealer, the lack of an investor-asset preservation or custody system separated from the firm’s own assets sees the association vying to launch a licensed joint crypto exchange.

These traditional securities firms are more appealing than new exchange operators for crypto investors, Dilokrungthirapop contended, expressing confidence “that investors will prefer trading with us” after drawing parallels between securities trading and digital asset trading. “Investors can trust our trading system, which has secured asset preservation,” she told the Bangkok Post.

Further, the chairwoman also confirmed the association would consult with the Securities and Exchange Commission (SEC) on ‘potentially allowing’ securities firms to offer more services in an expanding foray into the cryptocurrency business.

These noteworthy developments quickly follow Thailand’s legislative approval of drafts establishing a regulatory framework and tax guidelines for cryptocurrencies took effect in May, a fast-tracked process that began in March. The new rules mandates all crypto market businesses including ICO issuers, brokers, dealers and digital exchange operators to register and gain approval from the SEC.

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About Howard Mahere

I'm a Bitcoin/Cryptocurrency enthusiast ; motivator; author of "AN IMMIGRANT WITH A PLAN" and a John C Maxwell certified speaker . Happily married to Emely and a father to one son and two daughters. My greatest joy comes from inspiring others to maximize their potential. I feel fulfilled when I bring hope to the hopeless and encouragement to the discouraged. The truth is, we each have a past, and it's either our prison, our excuse OR our springboard to a brighter future. The choice is yours but as for me, I made up my mind a long time ago to use my dysfunctional tough childhood as a stepping stone . The late Zig Ziglar used to say "It's not what happens to you that determines how far you will go in life, it is how you handle what happens to you." This is my story and I am sticking to it!
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