Thailand’s Superrich International Exchange Plans a Cryptocurrency Exchange Launch
Superrich to Open Laos Branch
After a successful period in trading foreign currencies across Thailand and Britain, Superrich exchange, a Thailand based exchange, is planning to introduce trading of cryptocurrencies and other digital assets to the platform. The company which was established back in 1965 has submitted requests to the regulatory bodies in the country awaiting approval to begin operations.
Superrich Plans to Start Operations in Laos
The Supperrich exchange has provided its services to the Thai for over half a century with branches of the exchange spreading to over 49 locations in Thailand and two more opened in Britain. The president of the Superrich exchange confirmed that the company have been approached by companies across Malaysia, Laos and other countries to partner in the quest to offer cryptocurrency trading.
The money changing industry is rapidly growing and Supperrich is trying to keep up with the trend as they open up to more locations around the world. After a successful application with the Laotian regulatory bodies, Supperrich will be opening up a branch in the country in the coming months.
The president and CEO of Supperrich, Piya Tantivachayanon, is heavily invested in the idea of the company introducing cryptocurrency trading. The exchange is aiming at opening its advent crypto exchange wing by the end of the year with approval from Bank of Thailand the only factor hindering the move. Speaking on Supperrich future Piya said,
“We would offer digital asset exchange for travellers…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 company aims at offering the best user function ability through modernized platforms and new technology that will increase overall customer demand.
Bank of Thailand to Approve Supperrich Application
The Superrich exchange is focusing on three areas to improve public adoption of cryptocurrencies through its platform. As Thailand’s cryptocurrency laws came into fruition earlier this year on May 14th, Supperrich has had to comply with the laws put in place to gain public trust in offering crypto services.
The exchange has already submitted double requests to the Thai Securities and Exchange Commission (SEC) to launch a cryptocurrency exchange and wallets. As the main regulator of Thailand’s cryptocurrency activities, the SEC has been reviewing various applications to open crypto firms in the country.
Supperrich has been in the financial industry in since 1965 and due to this its regulation dwells in the country’s Central Bank as much as the SEC regulates it. The Bank of Thailand will have to approve the case for Supperrich to add cryptocurrency assets as the exchange aims at diversifying its current portfolio of assets.
In view that Supperrich gains approval from the Bank of Thailand, won’t this conflict with Thailand’s fiat system? Cryptocurrencies have been known to be the replacement for fiat money [that Central Banks have control over], however, if Supperrich gains approval this will mark the first time in the country to have a digital asset exchange for foreign currency.
Reports emerging from news lets in Thailand report the readiness of Supperrich in starting crypto related operations immediately once they gain approval form the Bank of Thailand.