Bitcoin Futures Allowed In Thailand

Thailand's investors will be allowed to speculate on bitcoin via an international global derivatives trading service
09 January 2018   526

The Bangkok Post reported on January 9 that the Securities and Exchange Commission (SEC) has recognized Thailand’s first bitcoin futures trading service offered by a securities company as legitimate but urged investors to be cautious due to high risks.

According to Phillip Securities Thailand, investors will be allowed to speculate on Bitcoin via an international global derivatives trading service. Market regulators within the country recognized the move as legitimate.

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.

 

Low See Kiong

Managing director, Phillip Securities Thailand

He added that the futures were targeted towards experienced investors that did not want to buy the currency directly on crypto exchanges or from unlicensed brokers.

The company stated that customers wanting to trade Bitcoin futures must comply with the company’s global derivatives service, which will allow them to trade futures on 15 global futures markets, including CBOE and CME. However, investors will need to deposit money to cover their investment margin, and trading will be quoted in US dollars.

SEC Suspends Trading in 3 Companies

On Friday The U.S. Securities and Exchange Commission temporarily suspended the trading of three companies as they made the purchase of cryptocurrency and blockchain-related assets
17 February 2018   133

According to the announcement, the trade of  Cherubim Investments, Inc., PDX Partners, Inc., and Victura Construction Group, Inc. will be suspended between 9:30 a.m. EST Friday and March 2. The notice was dated Feb. 15.

SEC stated that its trading suspension orders state that recent press releases issued by CHIT, PDXP, and VICT claimed that the companies acquired AAA-rated assets from a subsidiary of a private equity investor in cryptocurrency and blockchain technology, among other things.

The release also indicates additional reasons for the suspensions. The agency’s orders also say there are questions regarding the nature of the company's business operations. In case of CHIT, the Commission suspended trading in the securities because of its delinquency in filing annual and quarterly reports.

In August 2017, the SEC  issued a warning for investors about the companies that may publicly announce ICO or coin-related events to affect the price of the company’s common stock.

Fraudsters often try to use the lure of new and emerging technologies to convince potential victims to invest their money in scams. 

U.S. Securities and Exchange Commission