The Association of Securities Firms (ASCO), Thailand are alleged to be planning the launch of a brand new cryptocurrency exchange in order to keep up with the demand for cryptocurrencies in Thailand, driven by research into retail interest and interest within cryptocurrency trading.
According to The Bangkok Post, ASCO is made up of a large number of securities firms, all of which will come together to see the launch of this exchange through. Members of ASCO have an active interest in ICO’s and thus, the exchange will quite possibly become a hub for such activities.
As a part of this, ASCO are due to apply for a license with the Thai Securities and Exchange Commission, in order to proceed with the exchange ASCO will of course need to hold a valid license. According to The Bangkok Post:
“Under a securities business licence, securities firms can conduct some digital businesses, including becoming digital asset dealers and brokers, along with operating digital token e-wallets. But such from the company’s assets. Regarding a plan to apply for a crypto exchange licence, at least a few securities firms will join together to obtain them to reduce operating costs and collaborate on sharing innovative technology.”
Moreover, Pattera Dilokrungthirapop, the Chairwoman of ASCO has 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.”
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ASCO do seem pretty confident that their license application will be accepted, therefore we can assume that ASCO are already working on a full plan for the execution of this exchange, including planning for names, branding and of course, the unique selling point, something that the exchange will no doubt need if it wants to bring in waves of new customers.
ASCO of course have a great advantage here. By being a representative body of a number of securities firms, they have the banking of a number of industry experts and professionals. Without the existence of ASCO, the firms involved would each need to apply for permission from the SEC and moreover, each firm would be responsible for setting up their own exchange. Through the presence of ASCO however, the firms are able to work in unison, offering their best skills and their best knowledge in order to create the best exchange. Through this, we can be sure that the exchange will be safer, more secure and overall better than such a product that may have been made by a lone securities firm.
ASCO, appears to be a super group and thus, a super product may come of this.