The Securities and Exchange Commission of Thailand has approved the licenses of four companies which will operate in the crypto industry. This was announced by the commission on their website on January 8, 2019.
Applications were granted to Bitcoin Exchange Co., Ltd., Bitkub Online Co., Ltd., and Satang Corporation, and Coins TH Co., Ltd. Bitcoin Exchange, Bitkub Online, and Satang are all cryptocurrency exchanges, while Coins TH is a cryptocurrency brokerage. This marks a positive development in terms of more widespread adoption of cryptocurrencies.
That being said, two companies, Cash2coin, and Southeast Asia Digital Exchange Co. (SEADEX) failed to fulfill the criteria and were thus rejected licenses by the SEC, by one is still under review. As per the statement which was released, both these companies had failed to complete the required KYC procedure and the cybersecurity measures. Though they have been allowed to function by the Finance Ministry, for now, they will have to cease operations before the 14th of January. Both Cash2Coin and SEADEX will have to return all customer assets. However, they can apply for a digital asset license in the future.
Coin Asset Co’s request to be licensed as a crypto exchange is under review at the moment and has been put on hold indefinitely after the commission noticed “irregularities” in the company’s top management. The company will be allowed to continue their operations, while the review takes place. The SEC explained,
“There has been a change of company executives, which is material information for the consideration of the application.”
This news has received positive responses from both by small-time investors and big companies looking to operate in the country. Thailand had been the first Asian Country to legalize seven digital coins back in June 2018, as a result of which an attractive crypto market had grown up there.