Thailand’s Finansia Moves to Add Digital Assets to Brokerage Business

Finansia Syrus Securities Public Company Limited, a Thailand securities brokerage firm in business since 2002, has made arrangements to add digital assets to its profile.

The public company has signed an agreement with Crypto Express (Thailand) Co., a firm that develops exchange and broker technologies for crypto innovation, to provide it with assistance in establishing its digital asset brokerage business in the country.

Finansia’s Board of Directors on March 22 had approved the firm to establish a subsidiary that was to undergo preparations for the submission of a digital asset brokerage license application to the Thailand Securities and Exchange Commission (SEC).

Finansia, which is a member of the  Stock Exchange  of Thailand and also a member of the Thai Bond Dealing Center, hopes to gain from Crypto Express’ modern electronic know-your-customer solution systems that utilize the latest  machine learning  and artificial intelligence-driven insights to improve the speed of its onboarding process by 80%.

Crypto Express’ technology enables it to identify transactions in a convenient, fast and secure social network.

A Global Move Towards Digital Assets

As digital asset adoption increase worldwide, more traditional brokerage companies are joining the race to meet the demands of the emerging markets. This has led to an upsurge in investments in digital assets.

For example, NASDAQ-listed Cowen Inc. today launched its digital asset division, the Cowen Digital LLC, a wholly-owned subsidiary, based in Stamford, Connecticut, United States. Through the new division, Cowen says it plans to serve institutional investors with efficient trading and custody solutions.

Cowen also disclosed that it has been working on the development of the infrastructure and systems essential for the launch of Cowen Digital in the past 15 months and emphasized the need for a secure and compliant digital asset ecosystem.

“Through Cowen Digital, our clients now have access to the crypto and digital asset markets with our institutional quality and fully integrated end-to-end execution and custody capabilities,” said Jeffrey M. Solomon, Cowen’s Chair and Chief Executive Officer. “Cowen is committed to outperforming for its clients by staying at the forefront of innovation.”

Earlier this month, the Emirate of Dubai, one of the seven emirates of the United Arab Emirates, took a major step in the digital asset space by bringing its first law to regulate virtual assets and establishing a regulatory authority for this sector.

The new regulator, the Dubai Virtual Assets Regulatory Authority, was charged with overseeing all virtual assets like Bitcoin and non-fungible tokens (NFTs) in the emirate. The regulator was established under the Dubai Virtual Asset Regulation Law which seeks to establish a legal framework around virtual assets in the country.

“We established an independent authority to oversee the development of the best business environment in the world for the virtual assets in terms of regulation, licensing, governance and in line with local and global financial systems,” Dubai’s ruler, Sheikh Mohammed Bin Rashid, said of the development.

Bin Rashid added: “The future belongs to whoever designs it… and today, through the virtual assets law, we seek to participate in the design of this new and rapidly growing global sector.”

Finansia Syrus Securities Public Company Limited, a Thailand securities brokerage firm in business since 2002, has made arrangements to add digital assets to its profile.

The public company has signed an agreement with Crypto Express (Thailand) Co., a firm that develops exchange and broker technologies for crypto innovation, to provide it with assistance in establishing its digital asset brokerage business in the country.

Finansia’s Board of Directors on March 22 had approved the firm to establish a subsidiary that was to undergo preparations for the submission of a digital asset brokerage license application to the Thailand Securities and Exchange Commission (SEC).

Finansia, which is a member of the  Stock Exchange  of Thailand and also a member of the Thai Bond Dealing Center, hopes to gain from Crypto Express’ modern electronic know-your-customer solution systems that utilize the latest  machine learning  and artificial intelligence-driven insights to improve the speed of its onboarding process by 80%.

Crypto Express’ technology enables it to identify transactions in a convenient, fast and secure social network.

A Global Move Towards Digital Assets

As digital asset adoption increase worldwide, more traditional brokerage companies are joining the race to meet the demands of the emerging markets. This has led to an upsurge in investments in digital assets.

For example, NASDAQ-listed Cowen Inc. today launched its digital asset division, the Cowen Digital LLC, a wholly-owned subsidiary, based in Stamford, Connecticut, United States. Through the new division, Cowen says it plans to serve institutional investors with efficient trading and custody solutions.

Cowen also disclosed that it has been working on the development of the infrastructure and systems essential for the launch of Cowen Digital in the past 15 months and emphasized the need for a secure and compliant digital asset ecosystem.

“Through Cowen Digital, our clients now have access to the crypto and digital asset markets with our institutional quality and fully integrated end-to-end execution and custody capabilities,” said Jeffrey M. Solomon, Cowen’s Chair and Chief Executive Officer. “Cowen is committed to outperforming for its clients by staying at the forefront of innovation.”

Earlier this month, the Emirate of Dubai, one of the seven emirates of the United Arab Emirates, took a major step in the digital asset space by bringing its first law to regulate virtual assets and establishing a regulatory authority for this sector.

The new regulator, the Dubai Virtual Assets Regulatory Authority, was charged with overseeing all virtual assets like Bitcoin and non-fungible tokens (NFTs) in the emirate. The regulator was established under the Dubai Virtual Asset Regulation Law which seeks to establish a legal framework around virtual assets in the country.

“We established an independent authority to oversee the development of the best business environment in the world for the virtual assets in terms of regulation, licensing, governance and in line with local and global financial systems,” Dubai’s ruler, Sheikh Mohammed Bin Rashid, said of the development.

Bin Rashid added: “The future belongs to whoever designs it… and today, through the virtual assets law, we seek to participate in the design of this new and rapidly growing global sector.”

Source: https://www.financemagnates.com/institutional-forex/thailands-finansia-moves-to-add-digital-assets-to-brokerage-business/