The Association of Thai Securities Companies (ASCO) is reportedly evaluating the viability of a joint cryptocurrency exchange together with securities companies.
According to reports, ASCO is currently looking into the possibility of teaming up with companies that issue securities in order to start offering crypto services through a joint exchange. The association is also planning to secure an operating license from the Securities and Exchange Commission (SEC). This will allow the companies that are members of ASCO to participate in the cryptocurrency market and also allow their customers to gain easy access to opportunities in the world of digital currency.
The decision to venture into the crypto market comes after most of the securities firms that are part of ASCO expressed an interest in venturing into this relatively new market. This is in line with the growing demand for access to cryptocurrency services all over the world as adoption continues. The interest in cryptos has been growing since last year when Bitcoin and other cryptocurrencies registered record high growth before losing most of their gains within the first half of 2018.
A license from the SEC will allow the securities companies to offer crypto trading services in the same way that they offer securities trading. However, the companies will be required to separate preservation systems for their investors? properties from their assets. The collaborative pursuit is also expected to help reduce the costs of operations for the securities companies involved while also allowing them to share innovative technology.
?We are confident that investors will prefer trading with us since we have been in the securities trading business for a long time,? stated ASCO?s Chairwoman, Pattera Dilokrungthirapop.
ASCO?s pursuit will involve the SEC to ensure things are handled legally
Pattera also revealed that the companies involved will also invest in initial coin offerings (ICOs) while also offering broker and dealer services within the cryptocurrency space. She noted that ASCO will be further engaged with the SEC to allow the companies to pursue more investment options within the rapidly growing cryptocurrency market.
The SEC and other regulators have been working on introducing regulations aimed at steering the cryptocurrency towards the right direction. Cryptocurrency transactions will attract a 15 percent withholding tax charged on capital gains if there are profits.