Working with traditional financial assets, Thai companies plan to join forces to launch a new crypto exchange.
Representatives of the Association of Thai Securities Companies (ASCO), the Association of Thai Securities Companies, said that currently, the organization is negotiating with financial market regulators to get the opportunity to provide crypto exchange services.
Moreover, the ASCO stressed that several companies submitted documents to the Securities and Exchange Commission for permission to launch a crypto exchange.
“But the SEC has informed foreign firms interested in operating as ICO portals or crypto exchanges that they need to set up domestic firms or find local partners to obtain licences,” Mrs Tipsuda said.
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Representatives of the Association also noted that since there is a requirement for separate storage of client assets and own trading platform funds, it is advantageous for companies to pool their efforts “in order to reduce operating costs and mutually beneficial exchange of innovative technologies.”
Earlier Thailand has enacted new legislation that obliges exchanges and other crypto exchange companies to register with a local financial regulator.