Thailand has also caught the bitcoin and altcoins fever and is set to launch their joint cryptocurrency exchange in the cryptospace. Despite the slump in the cryptocurrency market, financial firms registered with Thailand's Association of securities companies (ASCO) are pushing the cryptocampaign for the region's financial sector...
According to a Bangkok post report, several companies in thailand have shown tremendous interest in becoming topdogs in the crypto market by setting up ICO ( Initial Coin Offering Portal) as well as engaging broker dealers in digital assets. ASCO is looking at establishing a virtual currency exchange that will be owned and operated by these finance firms in its region. The chairperson of ASCO, Mrs.Pattero Dilokrungthirapop revealed that the association will help in securing operating licenses from Securities and exchange commision (SEC).
These security licenses would allow interested companies to operate as cryptocurrency exchangers and cryptobroker dealers and even more. Earlier concerns were raised because of the expensive nature of these license coupled with other operating costs. Pattera had dissmised such criticisms and made it clear that interested companies will be grouped to make the process less burdensome, at the same time enabling these firms collaborate innovatively.
This is to curb misappropriation of investor's funds and ensure transparency in Thailand's cryptomarket. By law security firms are expected to own the investors 'Property Preservation System' separated from their companies assets. She also revealed that the body would seek more guidelines from regulators to ensure these firms operate and offer a wide range of crypto-linked services.
The body's chief further disclosed that the move is a big boost for the region's trade sector and interested investors. "We are confidently that investors will prefer trading with us since we have been in the securities trading business for a long time. Investors can trustvour trading system which has secured assest preservation", Pattera maintained. It's worthy of note that Thai's government has been working hard towards drafting regulations for their digital currency space.
In May 2018, authorities announced that cryptocurrencies are digital assets and digital tokens, and as such interested companies seeking to offer (ICOs) Initial Coin Offerings and other crypto related services like cryptoexchanges and more, are required to register with the nation's SEC within 90 days while also making efforts to receive approval from thailand's finance ministry. Current rates of profitable cryptocurrency transactions attracts a 15 percent capital gains tax.
The bangkok report had shown that a considerable number of firms have shown interest in obtaining this digital assets license. SEC has annonced that foreign firms interested in operating ICO portals or cryptoexchanges must set up domestic firms or team up with thai's residents to be granted a license.
BTC manager had reported on the 16th of June this year that the region's SEC had given five ICO projects the go-ahead to operate in the region when the cryptocurrency law takes effect.
Thailand's latest digital stance towards the cryptomarket is a bold step in the right direction. If things go as planned thailand is set to become a formidable force in the world's cryptosphere.
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