Leading Thai Forex Exchange Superrich to Add Cryptocurrencies

Francisco Memoria

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.

Switzerland's Largest Online Retailer is Now Accepting Cryptocurrency Payments

Digitec-Galaxus, Switzerland’s largest online retail company, has reportedly decided to start accepting bitcoin (BTC) payments.

Digitec and Galaxus customers can now pay for goods and services with bitcoin and a few other major cryptocurrencies. In addition to BTC, users can make payments in XRP, ETH, Litecoin (LTC), Tron (TRX), OmiseGo (OMG), and NEO.

Digitec and Galaxus’ online retail outlets will also be taking payments in Bitcoin “Satoshi Vision” SV (BSV), Bitcoin Cash (BCH), and Binance Coin (BNB). Commenting on the Swiss retailer’s decision to start accepting cryptos, Oliver Herren, the co-founder and CEO of Digitec, remarked: 

Cryptocurrencies are fascinating and could become a relevant means of payment in e-commerce. We would like to support this development. We wanted to do that for a long time.

Coinify Will Help Convert Crypto Transfers To Swiss Francs

Herren added that Digitec decided to take cryptocurrencies as payment because people may have invested in them and they may want to use them. “Or because you cannot turn them into real money [since] your bank does not accept it. Or maybe just because you ...  like to try new things,” Herren said.

According to Switzerland’s e-commerce giant, it wants to encourage millennials, who may be heavily invested in the blockchain space, to start using cryptocurrencies for practical purposes such as paying for everyday goods and services. Price volatility of cryptocurrencies may not be an issue as Digitec and Galaxus will immediately convert crypto payments to Swiss francs using Coinify’s services, a third-party payment processor.

At present, crypto payments are only available for Switzerland-based users, however the company has said that it might allow customers in other areas to pay with crypto if their initial effort is successful.

Danish Food Takeaway Outlet Accepts Bitcoin Payments For Its 1500 Restaurants

In December 2018, Hungry.dk, one of the largest online food portals in Denmark, started accepting Bitcoin again. The food takeaway company handles orders from more than 1,500 restaurants in Denmark and had been accepting BTC payments since 2014. However, it had decided to stop taking crypto payments in late 2017 due to very long transaction processing times.

A representative from Hungry.dk noted (last year): 

We have accepted Bitcoins as a payment method for quite some time. We decided to remove the feature temporarily last year though because the average transaction time took too long, and the experience wasn’t the best.