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.