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Sanmi Adeagbo

10 January 2019

Regulation Cryptocurrency Exchanges

Thailand SEC Approves Four Cryptocurrency Exchanges

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The Thai securities and exchange commission has approved four crypto-based businesses to operate in the country. However, applications from two others were declined.

January 10, 2019 | AtoZ Markets - The crypto industry is getting mixed reactions from the Asian governments. While China continues to barricade the operation in the region, others like Thailand are giving their attention to the industry. A number of crypto exchanges and blockchain startups applied for licences from the Thai SEC since August. While the official approval was pending, the SEC permitted seven exchanges to continue operating. The commission has now officially granted permission to four of them this week. However, two others have been rejected while the other is still pending approval. This development was announced on its official website.

Thai SEC Accepts Four and Reject Two

The four companies listed for licence approvals are: Bitcoin Co., Ltd. (bx.in.th), Bitkub Online Co.Ltd. (bitkub.com), Satang corporation Limited (satang.pro) which are digital asset exchanges, and Coins TH company (coins.co.th) which is a cryptocurrency brokerage firm. the two companies which were refused licenses include cash 2 Coin Company Limited (cash2coins.com) and South east Asia Digital Exchange Limited (seadex.io). The two rejected companies which can still continue to operate until 19th January 2019, were declined licence by the commission for failure to meet cyber security standards and having improper KYCprocedures. The final company whose license approval is still pending is Coin Asset Company Limited (coinasset.co.th). The company can continue to do its business while the SEC review the details and make its decisions.

The Thai Government Adopts Cryptocurrency

The finance ministry through the SEC has, however, urged rejected companies to return digital assets back to its customers and inform the commission once this is done. Meanwhile, the rejected companies can re-apply for a license when they meet the required standards. Thailand's acceptance of Cryptocurrency is warming to the industry. The latest granting of licence to Crypto business could be a boost to the economy of the country and the Asian region as a whole especially if other countries also adopt it. In November 2018, Thai regulators proposed a web-based platform through which required ICOs could take place and probably even launch its own national cryptocurrency. The Thai government seems to have so much interest in the digital assets industry.

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