The Thai Association of Securities Companies (Asco) is studying the possibility of establishing a joint cryptocurrency exchange between multiple members within its association. The participating securities companies have officially begun to apply for operating licences with the Thai Securities and Exchange Commission (SEC) according to an article written in the Bangkokpost today, July 2nd.

The article states that there has been growing interest in Thailand surrounding digital assets since Bitcoin’s price boom in 2017. Many of the security firms that are Asco members are interested in operating digital asset and related buisinesses, including initial coing offerings (ICOs), portals and exchanges, as well becoming brokerage dealers in digital asset trade.

Pattera Dilokrungthirapop, chairwoman of Asco, tells the Bangkok Post that the security firms making up Asco see clear similarities between security trading and digital asset trading— making a transition into the new market not very difficult. Indeed, under a security business licence, securities firms in Thailand are reportedly already able to conduct some digital business, including becoming digital asset dealers and brokers, along with operating digital token e-wallets. However, without a crypto exchange licence, securities companies have no way of separating investors’ property preservation system from the company’s assets.

With this in mind, a number of Asco security firms are joining together to acquire crypto exchange licenses, and plan on working in joint collaboration entering the marketplace. “We are confident that investors will prefer trading with us, since we have been in the securities trading business for a long time. Investors can trust our trading system, which has secured asset preservation,” said Dilokrungthirapop.

Following its licensing procedure, Asco will be working with the SEC to further its operations into the digital asset business in ways still yet to be specified.

The Thai government is currently outlining cryptocurrency regulations in a 100-section piece of legislation that became tentatively effective on May 14. The new law defines cryptocurrencies as digital assets and digital tokens. It also has required all market participants including ICO issuers, digital exchanges, and brokers and dealers involved with digital asset transactions to register with the SEC within 90 days of the law going into effect. Registered parties must receive Finance Ministry approval before conducting any further business. Lastly, digital asset transactions will be subject to a 15% capital gains tax.

While the laws are currently being finalized, many companies are expressing interest in applying for digital asset licences. These companies include numerous ICO issuers, approximately seven ICO portals, and around 10 exchanges.

SEC deputy secretary-general Tipsuda Thavaramara, who has been overseeing the organic laws for the digital asset decree, told the Bangkok Post, “The SEC has informed foreign firms interested in operating as ICO portals or crypto exchanges that they need to set up domestic firms or find local partners to obtain licenses.”

The post Association of Thai Securities Companies Studying Possibility of Joint Crypto Exchange appeared first on UNHASHED.

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