A number of Thai companies pertaining to the finance sector are keen to launch cryptocurrency exchanges and an initial coin offering (ICO) portal, according to a Bangkok Post report. They are also quite keen on becoming digital assets broker dealers in the Thailand region.
The Association of Thai Securities Companies (ASCO) is considering the possibilities of establishing a virtual currency exchange. This exchange will be run by the securities firms located in the region. Mrs. Pattero Dilokrungthirapop, Chairperson of the ASCO, has indicated that ASCO will extend its support to companies who would be applying for an operating license with the Thai Securities and Exchange Commission (SEC).
After procuring a securities business license, these firms would be eligible to function as exchanges, crypto broker dealers, and much more. Pattera in her statement clearly expressed that owing to the expensive nature of the license along with other associated operating costs, the interested securities firms will be grouped. This will help in making the process less burdensome and also enable them to collaborate in an innovative manner.
In order to curb misappropriation of the funds of investors and to ensure transparency, these traditional securities firms in Thailand need to have the investors’ property preservation system separate from the company’s assets. Pattera also mentioned that the association would seek a number of other guidelines from regulators in order to facilitate the securities firms to offer a wide range of crypto-linked services.
The Thai government is working quite hard towards drafting regulations pertaining to their digital currency space. BTC Manager reported that a considerable number of securities firms are keen on obtaining a digital assets licence. However, SEC has clearly mentioned that foreign firms which are keen on operating as crypto exchanges or ICO portals must set up domestic firms or collaborate with Thai residents in order to procure a license. If things go as per the plan, Thailand will soon become a formidable force to consider in the global crypto space.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]