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Cryptocurrency

Thailand Endorses Four New Crypto Service Providers to Operate in Country Legally!

Thai SEC (Securities and Exchange Commission) has authoritatively endorsed four new digital asset business service providers. Moreover, new conditions, rules, and methods have been presented for digital asset organizations.

Under the nation’s present regulatory system for digital tokens, which widely covers cryptocurrencies and digital tokens, an organization can apply for a license to work on an exchange or an intermediary, or a vendor for cryptocurrency and advanced tokens, or both. Separate licenses are required for digital tokens and cryptocurrencies.

One of the four new digital asset business service providers is Bitherb Co Ltd. The organization has received four licenses from the Thai SEC, one for supporting a crypto trade service, one for a digital token trade service, one for a digital token brokerage service, and last one for a crypto brokerage administration. As per their website, the organization has not yet started activities.

Thailand right now has three authorized cryptocurrency exchange and one broker. In January, the SEC began issuing licenses to crypto organizations that had been doing business before the regulation producing results in May a year ago.

Moreover, Thailand currently has four digital asset exchanges; all of them have been endorsed for digital tokens and cryptocurrencies. One of them is Bitherb; the other three are Bitkub Online Co. Ltd (Bitkub), Bitcoin Co. Ltd (BX), and lastly Satang Corporation (Satang Pro) which was endorsed in January. Another digital operator that has been endorsed by the Thai SEC is Coins TH. This organization was approved in January to work as a dealer and a broker for cryptocurrency.

Further, in March, the Thai SEC reported that they had approved four digital currencies; they are ETH, BTC, XLM, and XRP. They can be legally utilized for investments in ICOs and as base exchanging pairs against different cryptocurrencies. This listing replaces the previous one reported in June a year ago. Additionally, the regulator clarified that this endorsement does not make these coins tender.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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