In line with a recent ‘announcement‘ by Thai’s SEC [Securities and Exchange Commission], country’s Ministry of Finance issued crypto business licenses to 4 cryptocurrency related firms.These new licenses were issued by the finance ministry “under the advice of the SEC Board.” The four firms that received licenses are Bitcoin Exchange Co., Ltd., Bitkub on-line Co., Ltd., Satang Corporation, along with cryptocurrency brokerage Coins TH Co., Ltd.
Another application to employ in digital assets exchange — filed by Coin asset Co. Ltd — is reportedly taken into consideration, due to the ongoing changes within the company’s executives. However, the firm is allowed to continue operations, as the Ministry of Finance is considering the amendments.
In addition to the above mentioned firms, there are two other firms in que — Cash2coin and SEADEX [Southeast Asia Digital Exchange Co.] — were rejected from receiving a license, allegedly on the grounds of failure to adjust as per the requirements of SEC criteria.
As per the notice, due to their applications’ rejection, Cash2coin and SEADEX have conjointly been ordered to stop all their operations. The Ministry of Finance, however, can reportedly ‘permit‘ the businesses to continue operations till 14th Jan.
Earlier in August, the Thai SEC ‘approved‘ seven business entities to conduct cryptocurrency operations as a part of the reshaping the country’s domestic crypto market. The monetary regulator conjointly actively urges the general public to ‘avoid‘ unlicenced crypto exchanges so as to shield them against the threat of malicious actors ‘employing‘ cryptocurrency.
The Thai SEC also revealed that it’s seen exaggerated interest in licenses to work with ICOs [initial coin offerings] following the finance ministry’s announcement introducing ICO rules in March. Around, 50 ICOs expressed interest in choosing certification.