Bitcoin, Cryptocurrency And Blockchain News

Securities Firms in Thailand Plan to Open a Joint Crypto Exchange


Members of the Association of Thai Securities Companies (ASCO) are considering opening a crypto exchange together in Thailand. ASCO’s chairwoman, Pattera Dilokrungthirapop, told local news outlet Bangkok Post that the securities firms have shown interest in launching ICO portals, exchanges and crypto wallets.

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The plan to team up in order to build an exchange came after the firms decided they needed to reduce cost. Thailand requires crypto exchanges to acquire operating licenses from the Securities and Exchange Commission (SEC), which can be easily obtained in this case. The firms will also be able to share blockchain technology and its advantages with each other. Dilokrungthirapop said that ASCO will also hold talks with SEC to convince them that they should be allowed to broaden their operations in cryptocurrency.

In May 2018, it was announced that cryptocurrencies were subject to taxation and the SEC was credited as the organization responsible for crypto regulations. Last month, Thailand legalized seven cryptocurrencies to be used as crypto trading pairs.

The SEC will allow seven cryptocurrencies, used for initial coin offerings (ICOs), to be traded as trading pairs. They are bitcoin, ethereum, bitcoin cash, ethereum classic, litecoin, ripple, and stellar.

All of the crypto companies are given a period of 90 days to apply for licenses. Furthermore, these companies must acquire the approval of Thailand’s Ministry of Finance. So far, the SEC expects ten companies to step forward to complete the process. In terms of foreign crypto companies, Deputy Security General of the SEC Tipsuda Thavaramara said that they need to find local partners or launch a branch in Thailand in order to secure licenses.

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