The Superrich International Exchange, a leading Thai forex broker that plans to change 120 billion Thai baht (roughly $3.7 billion) this year, is reportedly planning on adding cryptocurrencies to its offerings, and is considering a cryptocurrency exchange.
According to Crypto News Review, citing the Bangkok Post, if Superrich launches a cryptocurrency exchange for foreign currencies, it’ll be the first one in Thailand. The broker is reportedly awaiting regulatory approval, although its president Piya Tantivachayanon claims it’s ready to launch.
He was quoted as saying:
We would offer digital asset exchange for travelers. The company also plans to offer an e-wallet service, and we're exploring business partners to help develop technology. There are many companies from Malaysia, Britain and Laos that have expressed interest.
The country has been seeing interest in cryptocurrencies grow, after two royal decrees published in May added a framework for trading and brokering cryptos like BTC. These also clarified how cryptocurrencies are taxed in the country.
Per CNR, the Royal Decree on Digital Asset Business also handed the country’s Securities and Exchange Commission (SEC) and the country’s financial regulator oversight over the nascent industry
While businesses dealing with cryptocurrencies are under the SEC’s supervision, Superrich is a broker which means it’s under the central bank’s jurisdiction. The company has already revealed its plan to open a crypto exchange to the SEC.
Superrich, founded in 1965, reportedly has 49 branches throughout the world, including one in Cambodia and one in Britain. It’s said to be in talks with Laotian authorities to launch its money-changing services in the country. These services see it offer clients 32 fiat currencies and now cryptocurrencies.
While it isn’t clear which cryptocurrency Superrich is looking to offer, Thailand’s SEC legalized seven cryptos in June for initial coin offerings (ICOs), which means the broker’s offering will likely be limited to them
Cryptocurrencies in Thailand
Thailand has somewhat progressive cryptocurrency regulations. The country has greenlighted seven local companies, including five digital currency exchanges, to operate within its borders. It has also authorized local banks to launch subsidiaries, which may provide investors certain banking services. The bank’s subsidiaries have also been authorized to conduct their own crypto businesses.
As CryptoGlobe covered, the Bank of Thailand has announced earlier this year it was looking into launching a national cryptocurrency to “enhance operational efficiencies.” The cryptocurrency would be used for interbank settlements and cross-border fund transfers.
Authorities in Thailand have, as covered, been expecting a wave of cryptocurrency-related crime, over the lack of professionals with in-depth knowledge of the sector and the technology needed to tackle cybercrime.
The country has already seen high-profile cases related to cryptocurrencies, including one where actor Jiratpisit Jaravijit allegedly swindled a Finnish investor out of $24 million in BTC. The country’s central bank has noted cryptos aren’t to blame for the case.
According to CryptoCompare data, about 0.09% of bitcoin’s total trading volume was against Thailand’s fiat currency, the baht, in the last 24-hour period as over 164 BTC were traded against it.