The Association of Securities Companies (ASO) in Thailand is weighing up their chances of joining the crypto trading market according to Bangkok Post report.
The body which comprises mainly traditional financial security agencies is already in talks with the SEC and has filed registration applications as disclosed by chairwoman, Pattera Dilokrungthirapop.
Pattera revealed that a good number of security companies are interested in running digital asset and related businesses, including ICOs, portals, and exchanges, as well as becoming dealers and brokers in the cryptocurrencies market.
Launching a joint crypto exchange will result in reduced operating costs for the involved securities firms while also allowing them to enjoy innovative technology that is missing under the existing securities landscape.
A good reputation in the securities market and a broad customer base will make plans to engage in digital asset trade a viable option at this moment.
“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,” Pattera suggested.
Thailand is on the verge of adding a 100-section law approved by the SEC board of directors to its Royal Gazette in a bid to effectively regulate and support the nation’s growing crypto ecosystem.
A major section of the framework makes it compulsory that individuals or corporations who wish to launch ICOs or operate digital asset exchanges must obtain approval from securities watchdog SEC.
Remarkably, these set of regulations is believed to have increased public trust in cryptocurrencies, with even more converts expected as soon as ASO member companies join the crypto markets.
Joining the Bandwagon
Given the growing investor interest around cryptocurrencies in the last couple of years, the move to set up a joint crypto exchange by the ASO comes as a little surprise with ICOs and cryptocurrencies arguably holding a lot more profit potential when weighed against many traditional securities.
With the right strategy and personnel in place, anyone would expect them to grab their share from the burgeoning crypto market and maybe provide competition for existing exchanges operating in the region.