Thailand’s ASCO considers joint cryptocurrency exchange

July 03, 2018
Chris Wheal

Thailand’s Association of Securities Companies (ASCO) is reviewing the possibility of establishing a joint cryptocurrency exchange, according to a report in the Bangkok Post.

Association of Thai Securities Companies

ASCO’s chairperson revealed the Association’s plans to the Bangkok Post

ASCO chairperson Pattera Dilokrungthirapop, told the paper that under the plan several Thai several securities firms would apply for a joint crypto operating licence with the Thai Securities and Exchange Commission (Thai SEC) in order to reduce costs and share innovative technologies.

“We are confident that investors will prefer trading with us, since we have been in the securities trading business for a long time,” said Dilokrungthirapop. “Investors can trust our trading system, which has secured asset preservation.”

She added that as traditional financial companies need to incorporate new systems to protect investors’ assets, and keep those assets separate from their own, uniting to build a single platform that reduced costs and shared technology know-how made sense

ICO interest

ASCO securities firms are also interested in initial coin offering (ICO) portals, and the organization will work with the Thai SEC with the aim of allowing securities firms to expand operations into the digital asset field.

Thailand’s legal framework for cryptocurrencies was introduced in May and defines them as “digital assets and digital tokens”, which come under the jurisdiction of the Thai SEC. The royal decree requires all market participants involved in digital asset transactions to register with the SEC as well as securing approval from the Finance Ministry to conduct digital asset business in the country.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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