Investors in Thailand can now breathe a sigh of relief, the authorities allowed the trade in futures for bitcoins through the largest trading platforms of the Chicago Stock and Commodity Exchange.
The Thai authorities assure that today this proposal was used by several major players.
Trade bitcoins available since 2018
The official financial structures of the Thai state confirmed that trade in bitcoins was allowed, and the first to work began on January 8, 2018, Phillip Securities Thailand Ltd.
Local media confirm that it is now possible to invest in bitcoin futures via the Chicago Options Options Exchange (known as CBOE ) and through the Chicago Mercantile Exchange (CME).
The head of the Thai stock exchange Phillip Securities Thailand Ltd, Mr. Apishak Wongvanidzh explained to journalists and investors that all participants should apply for the general derivative service of the Thai stock exchange.
This service was already implemented 6 years ago (in 2012), where cooperation schemes were developed with 15 world futures funds, including OWN, as well as CME.
All prices on the platform will be quoted in US dollars, while a buffer margin of 20-30% will be introduced, allowing traders to cover their costs in the first stage of the BTC trade launch .
Response of Thai regulatory authorities
In the presentation of Phillip Securities it is clear that the stock exchange is the first and so far the only brokerage company that carries out all transactions using bitcoin futures, while there is quite a lot of experience in the past years with the Chicago stock exchanges OWN and CME.
Considering the fact that officially Thailand did not declare the legalization of bitcoins anywhere, the representative of BOT (State Bank), Mr. Chantavarn Suharitakul, spoke on behalf of state bodies .
The representative of the bank expressed his concern that bitcoin still came to Thailand, but nowhere is there any regulatory legislative initiatives allowing legally to run in the financial system of Thailand.
At the same time, a representative of the State Bank of Thailand said that the authorities are not likely to prevent bitcoin from advancing in the country, but warned investors of the high risk when working with a completely new financial phenomenon in the history of the Asian country.
The power of Thailand gives the go-ahead for trading bitcoins
Paren Sukontkhaman, who heads the Thailand Securities Commission, as well as the shares in the country ( SEC ), expressed their weighty word on the appearance of futures for bitcoins .
Mr. Sukontkhaman confirmed that CME, as well as IOE have permission to conduct financial transactions inside the country, and, therefore, Thai companies will be able to take part in the trade services of both stock exchanges from Chicago.
Further, the representative of the SEC said that since BTC is a highly risky operation, supervisory activities on money laundering and fraud will remain in the priority of the work of the monitoring department.
Thus, in principle, Thai traders should not be afraid to work with bitcoins, since they are backed by a supervisory agency that is ready to monitor the purity of financial transactions.
And in this case, the SEC recalls that bitcoin remains a highly risky measure of financial turnover, so investors should always be on the alert.
Apparently, another Asian country has breached the legalization of bitkoyna, despite the fact that legislative initiatives are not completed, and there is no official statement from the country’s top leaders.
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