Thai Securities Firms Consider Launching Joint Crypto Exchangebr>
Thailand’s Association of Securities Companies (ASCO) is studying the possibility of establishing a joint crypto exchange, with plans to apply for an operating license with the country’s Securities and Exchange Commission (SEC).
ASCO focuses on developing and promoting Thailand’s capital and securities market. It also focuses on protecting and safeguarding member companies, improving the standard of business operations, and cooperating with regulatory agencies in drafting rules and regulations.
According to local news outlet Bangkok Post, several ASCO members were keen to open a joint cryptocurrency exchange, while others are interested in running initial coin offering (ICO) portals or becoming brokers and dealers in the crypto space.
“Securities firms normally engage in the securities trading business, which is similar to digital asset trading, hence securities firms are ready to offer services and trading platforms to investors,” said Pattera Dilokrungthirapop, chairwoman of ASCO.
Under a securities business license, securities firms can become digital assets brokers and dealers, as well as operate digital token e-wallets. However, the firms must adequately separate the company’s assets with a proper investor property preservation system.
Pattera said several members of the association will be filing a registration application with the SEC as preparation for the launch of a crypto exchange. By applying together, the firms are hoping to reduce their overall operating costs. Pattera added that the ASCO will also further consult with the SEC on potentially allowing securities firms to conduct more operations related to the digital asset business.
“We are confident that investors will prefer trading with us, since we have been in the securities trading business for a long time,” she said. “Investors can trust our trading system, which has secured asset preservation.”
After several rounds of public hearings, a regulatory framework for cryptocurrencies and ICOs came into force in May of this year, which tasks the SEC to control and regulate cryptocurrencies. Under the new law, domestic crypto exchanges, ICO operators, and independent crypto brokers and dealers are required to register with the SEC within 90 days of the law taking effect.