A currency exchange Thailand, with the extravagant name Superrich International Exchange (SIE) announced plans to launch a cryptocurrency service for tourists, which clients Superrich will be able to exchange digital currency for Fiat.
Superrich International Exchange was founded in 1965, and today bills itself as “the best exchanger in Thailand from 49 sites in the country and two abroad, working with 32 Fiat currencies”. Speaking of foreign sites, SIE refers to the paragraphs in Cambodia and Britain. The company also is discussing with the Lao government the possibility of opening the exchanger in their country.
“We would like to offer services for the exchange of digital assets for tourists. The company also plans to create your e-wallet, so we are in search of business-partners who help us to develop the technology. Many companies from Malaysia, Britain and Laos have already expressed interest,” said the President of the SIE Pius Tantivechakul (Piya Tantivachayanon).
In addition, according to the President, SuperRich has been upgrading their units, implementing new technologies to meet the demands of customers and to compete with other exchangers.
The company intends to launch cryptocurrency service before the end of this year and are reportedly already engaged in the issue of obtaining the necessary permits from the Commission on securities and exchange Commission (SEC) of Thailand. The license of the regulator in Thailand has become necessary, after in March the Commission announced the introduction rules for cryptocurrency companies, and ICO. At the moment, the SEC is considering many applications from various projects and kryptomere.
In addition to the approval of the Commission SIE also need to get permission from the Bank of Thailand. Unlike companies working exclusively with cryptocurrency, the Superrich have long been engaged in extensive financial business, and therefore the company’s activity falls under the jurisdiction of the Central Bank. Thus, as soon as SIE will get all the necessary permits, he will be the first regulated exchange of the digital currency for foreign currency in Thailand. Also, according to Tantivechakul, SuperRich is going to get on the alternative investment market with the aim of achieving greater publicity and gaining public trust.
We will remind that in June the Bank of Thailand spoke about developing their own cryptocurrencies (CBDC), which will be used in the new interbank clearing system on the basis of the blockchain.