Three crypto trading companies have received the license from the Ministry of Finance in Thailands, and two crypto companies have failed to obtain this.
“The four companies which had allowed a permit are (1) Bitcoin Exchange Co., Ltd. (2) Bitkub Online Co., Ltd. Furthermore, (3) Satang Corporation. These are crypto exchanges. One more company which got approved for a license is Coins TH Co., Ltd.,”.
Cash2Coins Co Ltd and Southeast Asia Digital Exchange Co Ltd were rejected by Thailand ministry for not fulfilling the SEC’s ideal standards related to maintaining assets and digital KYC regulations.
The regulator denied companies’ request for licenses for operating a crypto exchange. The regulator gave the reason behind the rejection that their IT security and cybersecurity were not satisfactory.
The ministry had ordered both the crypto exchanges to stall their business operations in Thailand. It has also given owners a deadline till January 14 to inform their users and traders to pull back their funds from exchanges.
The companies are obliged to submit their balance sheet to the SEC following the submission of digital assets.
The SEC additionally affirmed that Cash2Coins and Southeast Asia could reapply for the business permit once they take care of the factors they lack at present, to get approval from the ministry.
The SEC affirmed that it is evaluating a demand by Coin Asset Co to operate in a country as an authorized cryptocurrency exchange. The regulator, however, has put the application on hold by some changes in the company’s administration.
“The company has changed its executives, which has to be taken into consideration by the ministry before approving the application.
This decision has made Thailand one of the most attractive crypto markets in the Asia region.
The nation adopted crypto and ICO regulations last year. Last year itself, it legalized and approved seven cryptocurrencies. Thailand could see an increasing influx of crypto-related businesses from its nearby nations like India and China, where rigid regulations are capping the advancement of blockchain new companies.
The Thai government is also investigating the blockchain innovation for making devices that could track tax evasion, keeping data of national identity, and backing the advancement and working of their proposed digital Baht.
