The Association of Thai Securities Companies (ASCO)- the collective body representing Thailand’s securities firms – is reported that they are applying for an operating license together with the Securities and Exchange Commission (SEC) to create a Thai crypto exchange, according to an article posted on the Bangkokpost on July 2nd.
Pattera Dilokrungthirapop, ASCO chairperson, shared that in the hope of reducing the operation costs and collaborating on information sharing, several securities companies, which are ASCO’s members, are conducting a registration for a crypto exchange license.
These firms also expressed their interest in becoming digital asset trader/brokers or operating a cryptocurrency/token wallet due to the rapid growth of cryptocurrency market as well as the leading step of Thailand regulation on ICO and cryptocurrency.
While having security business licenses, securities companies in Thailand can operate their digital businesses, however, without the exchange license, there is still lack of an investor-asset preservation or custody system separated from the firm’s own assets.
Dilokrungthirapop shared with the Bangkok Post confidently that “crypto investors will prefer trading with us” since there are obvious similarities between securities trading and digital asset trading – making the transition not very difficult for all players. “Investors can trust our trading system, which has secured asset preservation,” she said to the Bangkok post.
Interestingly in May. the legal framework for cryptocurrency in Thailand has took into effect, which defines cryptocurrency as “digital assets and digital tokens” and bringing them under the control and management of SEC.
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