According to the Bangkok Post, the Association of Securities Companies of Thailand (ASCO) is planning to jointly launch a new cryptocurrency transaction to meet the growing interest of retailers and related institutions in cryptocurrency transactions.
(Thailand Securities Association intends to jointly establish a cryptocurrency exchange)
(Thailand Securities Association intends to jointly establish a cryptocurrency exchange)
ASCO Chairman Pattern Dilokrungthirapop revealed that some securities companies are jointly submitting a cryptocurrency exchange license application to regulators to reduce operating costs and collaborate on information sharing.
It is worth noting that she also mentioned that “many securities companies have expressed interest in entering the cryptocurrency field, establishing ICOs and exchanges, etc., becoming operators and suppliers of digital asset transactions.”
Although the securities business license allows industry companies to become digital asset economies or traders, ASCO is planning to jointly launch a cryptocurrency exchange due to the lack of investor asset protection or custody systems that are separate from its own assets.
The ASCO chairman believes that traditional securities firms are more attractive than new exchanges. “Investing in securities trading and digital asset trading, investors are more willing to trade with us because the asset security of our trading system can be guaranteed,” she said.
In addition, she is the association that will negotiate with the Securities and Exchange Commission (SEC) on the possibility of allowing securities companies to provide more services to more fully engage in the cryptocurrency business.
Previously, Thai legislation approved a draft regulatory framework and tax guidelines for cryptocurrencies, which came into force in May. The new regulations require all businesses involved in the cryptocurrency market (including ICOs, brokers, traders and exchange operators) to Registered and approved by the Securities and Exchange Commission of Thailand.
