- Superrich International Exchange unveils plans to open crypto exchange desk.
- The exchange is only waiting for Thailand SEC’s regulatory approval.
- Company will list in Market for Alternative investment to earn public trust.
Superrich International Exchange has revealed its plans to join the crypto space with plans to open a cryptocurrency exchange desk. A report in Bangkok Post , dated September 24, 2018, says the company was in talks with authorities to offer travelers cryptocurrency exchange services besides the 32 fiat currencies they already deal with.
Digital Asset Exchange for Travelers
The Forex Bureau that describes itself as the best currency exchange in Thailand has been in business for over 53 years and has branches in 49 locations all over the country including one each in Britain and Cambodia even as they plan to open a new in Laos. The Bangkok Post quoted the president of the exchange Piya Tantivachayanon saying:
“We would offer digital asset exchange for travelers […] the Company also plans to offer an e-wallet service, and we’re exploring business partnerships to help develop technology. There are many companies from Malaysia, Britain, and Laos that have expressed interest.”
Tantivachayanon has explained that Superrich was carrying on a modernization program in its branches by bringing in new technology to meet increasing customer demands even as they try to have an edge over the competition. The Ryt9 publication stated that the exchange was making plans to begin the service before the end of the year.
Review Pending with the Thai SEC
Superrich, Bangkok Post says, has already informed Thai’s Securities and Exchange Commission (SEC), which is also reviewing several other applications from firms that want to do cryptocurrency business in the country. Thailand unveiled cryptocurrency regulations on May 14, 2018, when SEC was installed as the regulatory body for Thai’s cryptocurrency industry.
Apart from the Securities and Exchange Commission’s approval, Superrich is also waiting for a go-ahead from the Bank of Thailand. Unlike other companies seeking to run purely crypto businesses, Superrich is already in fiat currency business and is therefore under the jurisdiction of the country’s central bank.
If approval is granted, the company will operate in a new segment by operating “a digital asset exchange for foreign currency,” the publication stated. The president of the exchange also revealed that the company intended to list on the Market for Alternative Investment as it would earn more trust from the public by becoming a public company.
The E-finance news outlet has stated that once the Bank of Thailand provides “regulatory clarity” for financial institutions to operate cryptocurrency-based businesses, Superrich will be ready to begin its operations, exchanging fiat with cryptocurrencies approved by Thai’s SEC