Thailand's Regulators Allow Bitcoin Futures Trading

Investors in Thailand can now trade bitcoin futures listed on the Chicago Mercantile Exchange and the Chicago Board Options Exchange. The country’s financial authorities say that these instruments should be offered in Thailand and one company is already offering them to their customers.

Bitcoin Futures Trading Available Now

Phillip Securities Thailand Ltd. announced on Monday the launch of its bitcoin futures trading services for investors wanting to invest in bitcoin futures listed on the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME), local publications reported.

Prices are quoted in US dollars and investors have to put money down to cover their investment margin, he noted. “In principle, investors should prepare money as a buffer for price movement around 20-30% above the margin.”

Regulators’ Responses

In its advertisement, Phillip Securities 'claims to be the first and only brokerage company in Thailand to offer bitcoin futures trading in the CBOE and CME,” the Nation reported.

In response to the company’s claim, the assistant governor of the Bank of Thailand (BOT), Chantavarn Sucharitakul, expressed her concern. 'This statement might mislead investors into believing that its service has gotten approval from the BOT. The BOT has never legalised bitcoin as a currency for financial transactions,” she clarified.

The president of the Stock Exchange of Thailand (SET), Kesara Manchusree, concurred about the risks but believes that “since Phillip Securities is a member of the CBOE and CME markets, which offer bitcoin trading, it could provide the bitcoin investment service to Thai investors.”

Citing that both the CME and CBOE are under the supervision of the US Commodity Futures Trading Commission, the assistant secretary-general of the Thai Securities and Exchange Commission (SEC), Paralee Sukonthaman, said:

Thai brokerage companies could provide trading service in bitcoin futures in those two futures markets.

A statement from the Thai SEC obtained by the Bangkok Post reads, “Since this product is under the supervision of a standardised regulatory body, a point of concern, in this case, is not about fraud or money laundering, but rather how this product has high risks.”

Need to calculate your bitcoin holdings' Check our tools section.

The post Thailand’s Regulators Allow Bitcoin Futures Trading appeared first on Bitcoin News.


Subscribe cryptonews in Twitter!

Read us in Telegram!

Cryptonews © 2017