Several Thai securities companies will be applying for a joint crypto license in order to expand into the digital asset market.
The Association of Thai Securities Companies (ASCO) is considering establishing a joint cryptocurrency exchange, with plans for several firms to apply together for a crypto exchange license, local news outlet Bangkok Post reports July 2.
Pattera Dilokrungthirapop, ASCO chairperson, told the Bangkok Post that several Thai securities firms will apply for a joint crypto operating license with the Thai Securities and Exchange Commission (Thai SEC) in order to reduce costs and share technologies.
With just a securities business license, firms can become digital assets brokers and dealers, as well as operate digital token e-wallets. However, the securities firms must adequately separate the company’s assets with a proper investor property preservation system.
Dilokrungthirapop told the Bangkok Post that crypto investors “will prefer trading with us,” as securities trading is similar to digital asset trading, and “we have been in the securities trading business for a long time.
Dilokrungthirapop added that ASCO securities firms are also interested in Initial Coin Offerings (ICO) portals, and that the organization would work with the Thai SEC with the aim of allowing securities firms to expand operations into the digital asset field.
In mid-May, Thailand’s legal framework for cryptocurrencies came into force, defining cryptocurrencies as “digital assets and digital tokens” and bringing them under the jurisdiction of the Thai SEC.