A group of traditional securities firms in Thailand are planning to jointly launch a new cryptocurrency exchange, a report indicates.
According to the Bangkok Post on Monday, the Association of Securities Companies (ACE) – a body that represents the country’s securities firms – said it is in talks with regulators about allowing established financial firms to offer crypto exchange services.
Furthermore, the association’s chairwoman, Pattera Dilokrungthirapop, said in the article that at least several securities companies are filing a registration application with the Securities and Exchange Commission (SEC) as preparation for the launch of a crypto exchange.
Dilokrungthirapop explained that, since traditional financial companies need to incorporate new systems to protect investors’ assets, and keep those assets separate from their own, they may be better off uniting to build a single platform to “reduce operating costs and collaborate on sharing innovative technology.”
ACE said the move comes at a time when its member companies have shown increasing interest in stepping into crypto-related businesses, such as offering trading and facilitating initial coin offerings.
As previously reported by CoinDesk, Thailand passed a regulatory framework for cryptocurrencies in May, which is now pending publication in the country’s Royal Gazette before becoming law.
Under the new rules, any entity that conducts crypto exchange transactions or initial coin offerings in Thailand must be registered and approved by the SEC.
Financial data image via Shutterstock