Thailand’s Association of Securities Companies (Asco) is looking into the possibility of setting up a cryptocurrency exchange, according to Bangkok Post.
The security companies are planning to establish the joint exchange platform with appropriate license from the Thai Securities and Exchange Commission (SEC).
Pattera Dilokrungthirapop, chairwoman of Asco, told Bangkok Post that a number of domestic securities firms are interested in operating digital asset and related businesses, including initial coin offering (ICO) portals and exchange platform, as well as becoming brokers and dealers in digital asset trade. Dilokrungthirapop expects a few securities firms to team up to obtain a crypto exchange license in order to reduce operating costs and 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,” she said. “Investors can trust our trading system, which has secured asset preservation.”
Earlier in May, a royal decree regulating digital assets came into effect. The law defines cryptocurrencies as digital assets and digital tokens. It requires all market participants involved in digital asset transactions to register with the SEC as well as receive approval from the Finance Ministry to conduct digital asset business in the country.
Under the Digital Asset Business Decree, digital asset transactions will be subject to a 7 percent VAT for each transaction. Furthermore, a 15 percent withholding tax on capital gains will also be levied in case of profit from such transactions.
