Thailand, a country with a significant economy in Asia is no more lagging behind when it comes to the crypto world. The financial authorities in the nation are welcoming the emerging technology with support.
Recently, Thailand’s Securities and Exchange Commission (SEC) has published a notice in which it reveals that The Ministry of Finance in the country has granted working licenses to four crypto trading companies. The ministry has also given a work permit to a cryptocurrency broker and dealer.
The announcement notes that the licenses were issued by the finance ministry as the SEC Board recommended. The notice reads, “The four applicants granted a license are three digital asset exchanges – namely (1) Bitcoin Exchange Co., Ltd. (BX) (website: bx.in.th), (2) Bitkub Online Co., Ltd. (BITKUB) (website: bitkub.com), and (3) Satang Corporation (Satang Pro) (website: satang.pro) – and one cryptocurrency broker and dealer Coins TH Co., Ltd. (website: Coins.co.th).”
Another application for a license to operate as a digital assets exchange made by Coin Asset Co., Ltd is currently under evaluations, as there is a change in the company’s executives. The SEC says, “There has been a change of company executives, which is material information for the consideration of the application.” While the Ministry is considering the application, the company can continue its operations.
However, two more firms namely Cash2Coins Co Ltd (website: cash2coins.com) and Southeast Asia Digital Exchange Co Ltd (website: seadex.io) had applied for the license to work as crypto exchanges, which were denied by the ministry. Reportedly, both the firms couldn’t meet the SEC’s ideal standards criteria regarding asset maintenance system and digital know-your-customer protocol. The reason behind refusing their licensing requests was inadequate IT security and cybersecurity of these firms, as the Ministry stated. The ministry ordered both the firms to halt their business procedures in Thailand. The owners of these firms are expected to abide by a deadline of January 14 to inform their users to withdraw or transfer their crypto assets from the hot wallets of these exchanges. Though, both the exchange firm can reapply after fulfilling the criteria mentioned by the SEC.
Moreover, the Thai SEC has observed an increase of interest in licenses to operate business related to the crypto market.