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Thailand's ASCO Plans Joint Crypto Exchange, To Apply For Licence With Thai SEC

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Thailand-based securities companies are planning to establish a joint cryptocurrency exchange, aiming to reduce costs and share technologies, according to local news outlet Bangkok Post.

The Association of Securities Companies or Asco, the collective body of Thailand's securities firms, also plans to apply together for a crypto exchange operating licence with the Thai Securities and Exchange Commission.

Pattera Dilokrungthirapop, chairwoman of Asco, reportedly told that several Thai securities firms are interested in operating digital asset and related businesses, including initial coin offering portals and exchanges. They are also interested to become brokers and and dealers in digital asset trade, she said.

These securities companies, however, need to have the investors' property preservation system separated from the company's assets, the report noted.

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

Legal framework for cryptocurrencies in the country was unveiled in May, defining such currencies as digital assets and digital tokens, and bringing them under the jurisdiction of the Thai SEC.

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