The Association of Securities Companies (ASCO) based in Thailand is looking to release a cryptocurrency exchange.
As reported by Bangkok Post on 2nd June, ASCO – the association that assumes the role of the country’s securities business body is planning to launch a cryptocurrency trading platform. Negotiations with the country’s regulators have already begun.
“Many securities firms that are Asco members are interested in operating digital asset and related businesses, including initial coin offering (ICO) portals and exchanges, as well as becoming brokers and dealers in digital asset trade,” Pattera Dilokrungthirapop, chairwoman of ASCO explained.
Moreover, Pattera Dilokrungthirapop has revealed that distinct securities firms are ready to submit their registration form with the Securities and Exchange Commission (SEC) to prepare in advance for the release of the cryptocurrency exchange.
“Under a securities business licence, securities firms can conduct some digital businesses, including becoming digital asset dealers and brokers, along with operating digital token e-wallets,” reported Bankok Post.
According to the chairwoman of ASCO, instead of implementing regularly new investor protection schemes and storing them separately, the association could just unite all the steps in a single platform that will “reduce operating costs and collaborate on sharing innovative technology.”
ASCO’s decision to extend the activity area comes as a result of increased interest in cryptocurrency-related services such as ICO and trading features.
Thailand has implemented a cryptocurrency-based regulatory framework in May 2018. Under the new legislation, all companies that decide to provide crypto-related services are required to register with the SEC.
“We are confident that investors will prefer trading with us, since we have been in the securities trading business for a long time,” Mrs. Pattera said, adding that “Investors can trust our trading system, which has secured asset preservation“.
According to Bangkok Post, there are around seven businesses that express their intention of applying for virtual asset license for ICO portals and around 10 firms for cryptocurrency exchanges authorization.