Thai Securities Firms Mull the Possibility of Joint Crypto Exchange

Thailand’s Association of Securities Companies (ASCO) are considering creating a joint cryptocurrency exchange. The group of securities companies are hoping to receive a license from the Thai Securities and Exchange Commission (SEC).

Recent Royal Decree Opens Up Thai Crypto Industry

ASCO’s chairperson, Pattera Dilokrungthirapop, spoke to local Thai news source the Bangkok Post about her group’s plans.

She told the publication that several members of the group were keen to open a joint digital currency exchange. Meanwhile, others were interested in running initial coin offering (ICO) portals or becoming brokers and dealers in the cryptocurrency space.

Pattera continued, stating that since securities firms were already involved with the trading of traditional assets, they were well-placed to offer their services to the burgeoning digital asset industry.

According to Pattera, several ASCO members were planning on applying for a crypto exchange license. By applying together, these companies are hoping to reduce their overall operating costs. An additional perk is that the firms can share their unique insights into the ever-evolving industry. She said:

“We are confident that investors will prefer trading with us, since we have been in the securities trading business for a long time… Investors can trust our trading system, which has secured asset preservation.”

The ASCO chairperson also stated that her group will consult with the SEC with regards to the potential exploration of other businesses relating to the cryptocurrency space.

In May, Thailand enacted a framework for regulations governing the digital assets and token industry. This followed several public hearings and was brought in by royal decree. The subsequent law has over 100 different sections and defines cryptocurrencies as digital assets and digital tokens.

In addition, all those involved in the market must register with the SEC. Finally, they are required to receive approval from the Thai Finance Ministry to continue conducting business in the cryptocurrency space.

Along with these requirements, there will be a 15% tax on any capital gains made from the buying and selling of digital assets.

Tipsuda Thavaramara, the deputy secretary-general of the SEC, has stated that the laws relating to this decree will be announced as soon as they’re finalised. According to her, there are many companies applying for digital asset licenses. Some of these are ICO issuers or portals, and others are cryptocurrency exchanges. Tipsuda said:

“But the SEC has informed foreign firms interested in operating as ICO portals or crypto exchanges that they need to set up domestic firms or find local partners to obtain licences.”

Featured image from Shutterstock.

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