Thai SEC Approves Seven Cryptocurrency Operators

Thai SEC approves seven cryptocurrency operators, thus allowing them to operate as legal crypto exchanges across the country. What are the names of the newly legalized crypto exchanges?

16 August, AtoZ Markets – Financial regulator of Thailand, Thailand’s Securities and Exchange Commission (Thai SEC) has announced that it has approved seven business entities to conduct cryptocurrency operations in the country. The move comes as part of the legalization of the country’s local crypto market. 

Thai SEC Approves Seven Cryptocurrency Operators

In the official statement, Thai SEC has confirmed that Bitcoin Co. Ltd. (BX), Bitkub Online Co. Ltd., Cash2coins Co. Ltd., Group Co. Ltd. (TDAX), and Coin Asset Co. Ltd. have completed the review process and now are able to operate as legal crypto exchanges. 

Moreover, the regulator has approved two crypto dealers: Coins TH Co. Ltd. and Digital Coin Co. Ltd. (ThaiWM). The step comes as a part of a package of “transitional” guidelines governing cryptocurrency businesses operating in Thailand that came into force earlier this May. 

As some of the online reports state, the businesses have continued serving clients while applying and waiting for a license by notifying the SEC within 90 days of the May deadline. The statement notes:

 “In addition, the SEC is currently reviewing the data of two other digital asset operators that have filed an application under the Transitional Provisions.”

Thailand ICO Issuers

Earlier last week, the Thai SEC has also revealed that it has an interest in Initial Coin Offerings (ICOs) issuers in applying for regulated status in the country. More than 50 projects have shown interest, with the regulatory body having previously laying out the prerequisites necessary to be met in order to be considered for approval. As of June, only five applications have been able to meet those prerequisites.

Moreover, at the beginning of August, the Bank of Thailand (BoT) has reportedly allowed local banks to set up subsidiaries for dealing with cryptos, according to one of the local media outlets.

As per the regulatory announcement that has been issued by the BoT earlier last week, banks in Thailand are now allowed to issue digital tokens. They are also enabled to provide crypto brokerage services, invest in cryptocurrencies via subsidiaries and operate crypto-related businesses.

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