The group of firms, leading operations with securities in the traditional markets of Thailand, plans to launch a cryptocurrency exchange.
According to the Bangkok Post, the Association of corporate securities (ACE) is a body representing firms that sell securities in the country, said that talks with the regulatory authorities on the establishment of cryptocurrency exchanges.
In addition, the Chairman of the Association of Putter Directorthere (Pattera Dilokrungthirapop) told the newspaper that at least a few companies, operations with securities, has applied for registration with the Commission securities and exchange Commission (SEC) in preparation for the launch of crypto currency exchange.
Directorthere explained that because traditional financial companies need to implement a new system to protect investor’s assets and keep those assets separate from their own, it is easier to unite to create a single platform «reduce operating costs and collaborate on the exchange of innovation technologies».
ACE said that this decision comes at a time when its members are increasingly interested in working with cryptocurrencies, such as offering trade and promoting the implementation of primary placements of tokens.
In may in Thailand a law was passed regulating the turnover of cryptocurrency as a digital assets, the violation of which will incur large fines and even be imprisoned. At the moment the regulation is awaiting publication in the Royal Gazette of the country, before finally enter into force. Under the new rules, any organization which carries out the transaction for the exchange of cryptocurrencies or initial placement of tokens in Thailand must be registered and approved by SEC.
However, it seems that from the SEC of Thailand will not have to wait for the big favor. In June, the information appeared that the financial regulator Thailand is likely to approve
five of the ICO projects. Of the 50 registered projects in the country, only 5 satisfy the requirements adopted by the regulator in mid-June.
Thai authorities have already not the first month of closely monitoring the cryptocurrency industry. In January, they were allowed to trade futures on bitcoin. Despite this, the SEC Thailand is continuing to warn investors about the high risks in this area and urged caution.
In addition, in may the Tax authority of Thailand has announced that it will waive the 7% value added tax for individual cryptocurrency investors.