The Association of Securities Firms (ASCO), Thailand are alleged to be planning the launch of a brand new cryptocurrency exchange in order to keep up with the demand for cryptocurrency in Thailand, driven by research into retail interest and interest within cryptocurrency trading.
ASCO chairperson Mr. Pattera Dilokrungthirapop told in an interview with the Bangkok post that in order to reduce the costs and share technologies the Thai securities firms will also try to form a joint cryptocurrency operating license with the Thai SEC (Thai Securities and Exchange Commission). This will be very effective and it will reduce the burden of the companies.
With a securities business license, interested companies would be able to function as cryptocurrency broker-dealers, exchanges and more.
However, with the expensive nature of the license coupled with other operating costs, Pattera has made it clear that interested securities firms will be grouped, to make the process less burdensome on them while also enabling the companies to collaborate innovatively.
In a bid to ensure transparency and curb misappropriation of investors’ funds, traditional securities firms in Thailand are required by law to have the investors’ ‘property preservation system’ separated from the company’s assets.
According to The Bangkok Post:
“Under a securities business license, securities firms can conduct some digital businesses, including becoming digital asset dealers and brokers, along with operating digital token e-wallets. But such from the company’s assets. Regarding a plan to apply for a crypto exchange license, at least a few securities firms will join together to obtain them to reduce operating costs and collaborate on sharing innovative technology.”
Further, he added that they are also looking to the digital asset field and want to expand their business. ASCO securities showed their interest in Initial Coin Offering (ICO).
The organization is likely to work with Thai SEC to aim the securities firms to expand their business into other fields. This is going to be a big step for the ASCO and it will bring so many revenues to it and be giving it a chance to grow.
Also Read: Thailand SEC Legalizes 7 Cryptocurrencies With Regulations
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