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Popular Thai Foreign Currency Exchange Wants To Add Crypto Exchange Services

SuperRich International exchange, one of the most popular foreign currency exchanges in Thailand, has revealed plans to begin offering visitors crypto exchange services. This report is according to the Bangkok Post.

Crypto Exchange Services

The crypto services will be in addition to the 32 fiat currencies exchange services it already offers. The company already has 49 locations in Thailand, one in Britain, one in Cambodia and there are reports that it’s holding negotiations with regulators in Laos.

SuperRich has been in business since 1965 and describes itself as “The best currency exchange in Thailand with 49 locations throughout the country and 2 in other countries, with 32 currencies available.”

The publication quotes Piya Tantivachayanon the president of the company 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 [hips] to help develop the technology. There are many companies from Malaysia, Britain, and Laos that have expressed interest.”

The president added that it’s necessary as they try to modernize their branches through adopting new technology. A move that will help the company address customer demands and help them compete with other money changers. Another publication Ryt9 notes that SuperRich plans to start offering the crypto exchange services by the end of the year.

The report adds that the company has already twice discussed its plans to offer cryptocurrency exchange and wallets services with the Thai Securities and Exchange Commission (SEC).

Thailand’s crypto regulations went into effect on May 14, and this installed the SEC as the chief regulator of the country’s cryptocurrency industry. The agency is already reviewing many applications from different companies that want to operate crypto businesses in Thailand.

The report adds that on top of getting approved by the SEC, the company is also waiting for regulatory clarity from the Bank of Thailand. SuperRich is a money business, and this means it falls under the jurisdiction of the central bank.

If approved, the company will be the first in Thailand to run a virtual asset exchange for foreign currency. The president of the company added that the company will also seek to be listed on the Market for Alternative Investment.  A move that will help it earn more public trust.

 

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology

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