Bitcoin Futures Now Permitted in Thailand
Bitcoin futures trading was first launched by the CME Group and Cboe Global Markets in December, 2017. Now, regulators in Thailand will be allowing investors to engage in bitcoin futures trading. According to the country’s regulators, there is nothing wrong with this type of trading, and it should be offered within the country’s borders. The decision to officially permit this sort of bitcoin speculation was made after multiple inquiries from investors and traders in Thailand regarding this type of trading.
First Thai Company to Offer Bitcoin Futures Trading
Phillip Securities Thailand Ltd. now has the distinction to be the first company in Thailand to offer an international derivatives trading service, so that Thai investors can partake in bitcoin speculation. Apisak Vongvanij, Head of international markets at Phillip Securities Thailand, explains that investors must first apply and be approved for the company’s derivatives services. Currently, the company offers futures trading on 15 of the world’s futures trading platforms.
Low See Kiong, Chief Executive Officer at Phillip Capital Ltd., says that there are a lot of Thai investors who have expressed their interest in bitcoin. However, he warns that bitcoin futures trading is only suitable for more experienced investors. He also states that, “Using Bitcoin as an underlying asset on the CBOE and CME will lead to greater acceptance of Bitcoin futures as they have reliable payment systems and are regulated by the US Securities and Exchange Commission”.
BTC Futures Trading Seen As Legit
Unlike many other regulators worldwide, Thailand’s authorities seem to be taking a more friendly approach to bitcoin. The country’s Securities and Exchange Commission (SEC) has declared BTC/USD futures trading to be “legitimate”. The regulator has determined that this type of trading adheres to all the applicable rules and guidelines.
The crypto-craze in Thailand doesn’t appear to be at the levels found in other countries. At the moment, there are not too many crypto-exchanges operating in Thailand. In November 2017, the BitThai.Net crypto-trading platform was launched. The exchange has received the backing and support of the country’s reserve bank and its Ministry of Finance. One of BitThai.Net’s main goals is to enable its users to use cryptocurrency to pay for everyday things.
Although regulators in Thailand have given the green light to BTC futures trading, South Korean and Chinese authorities have been clamping down pretty hard on their crypto-markets. Some of the more common concerns governments cite, when it comes to cryptocurrencies, are its potential for assisting in money laundering, drug trafficking, tax evasion, terrorist activities, and hacking leading to huge financial losses.
Let’s hope that as regulators become more knowledgeable about cryptocurrencies and the technology behind them, they also find ways to prevent individuals and organizations from using them to orchestrate illicit activities.