In the past few months, Thailand has applied new rules on the kingdom's crypto market to monitor new ICO projects and various digital tokens to guarantee all the regulations are strictly followed on the Thai Crypto exchange. Thus, Thailand is very optimistic towards the crypto sector and welcoming latest ICO projects. As per reports by Bangkok Post, Thailand's newspaper, Association of Securities Companies (ASCO) are setting up a joint venture with securities companies to start a new exchange.
ASCO to assign operating license with the Securities and Exchange Commission (SEC) to build a new Thai crypto exchange.
Securities companies curious to build a new venture
Mrs. Pattera Dilokrungthirapop, who is chairwoman of ASCO said, a large number of Thai securities companies have shown their concern for diving firstly into running digital asset and some businesses because Bitcoin's price is increased at the end of 2017. All the firms are great at dealing with the securities trading business which has resemblance with crypto trading.
By acquiring the securities business license, companies can become digital asset brokers and dealers and can work as digital token e-wallets. But the securities companies should properly separate the company's assets with correct investor property preservation system.
Dilokrungthirapop also believes that the crypto investors will mainly prefer trading with us because securities trading is parallel to digital asset trading and we have been in securities trading business for a long time.
As ASCO is planning to part up with the SEC and some local securities firm, a reliable Thai Crypto Exchange can be established. This will have a great impact on the nation as the crypto industry is presently progressing and adapting new kingdom-wide rules.
Cryptocurrency rules in Thailand
Thailand has remained stubborn on maintaining a control over the kingdom's cryptocurrency sector because more and more people are thinking to build new ICO project or any digital asset business in the country.
After some of the talks and conversations, a royal Thai decree was been built on May 14 fixing digital assets in Thailand. The 100-section law has been placed for the definition of digital assets and tokens. If you currently possess digital asset business in Thailand or you are in initial stages of developing a platform which focuses on the dealership, brokerage, exchange or any digital transaction site, then you will have 90 days to register yourself with the SEC. Also, validation form Finance Ministry of Thailand is required. All crypto transactions in Thailand are subjected to 15% retaining tax on capital gains on all profits.
Presently, ASCO is planning to release a Thai crypto exchange, and about 20 companies are referring for digital asset licenses in Thailand with a set of ICO projects, cryptocurrency exchanges, and ICO portals.