Report: Thai Ministry of Finance issues digital asset business licenses to four crypto-based organizations
As stated in the notice issued by the Securities and Exchange Commission (SEC) of the country on January 8, the Thai Ministry of Finance has given digital asset business passes to four crypto-centered organizations.
Corresponding to the notice, the licenses were reportedly allotted by the finance ministry under the approval of the SEC Panel. Apparently, the four firms that got a license are all digital asset exchanges namely Bitcoin Exchange Co. Ltd., Satang Corporation, crypto brokerage firm Coins TH Co., Ltd, and Bitkub Online Co. Ltd.
One more request to operate a digital assets exchange which is filed by Coin Asset Co., Ltd is supposedly under deliberation, because of the change in the executives of the company. The firm is approved to carry on with their operations whereas the Finance Ministry is in view of the change.
Besides the aforementioned firm, there are other two applicants namely Cash2coin and Southeast Asia Digital Exchange Co. (SEADEX) who did not get the license from SEC, purportedly for the reasons of their failure to accede with compulsory SEC norms.
In accordance with the notification, due to the refusal of their applications, Cash2coin and SEADEX were told to stop the processes and operations. However, the Ministry of Finance will purportedly permit the firms to proceed with their operations ’til January 14.
In the month of August, the SEC panel in Thai sanctioned seven more business organizations to carry out cryptocurrency processes in the frame of the solemnization of the domestic crypto market of the country. Also, the financial watchdog keenly advises the public to shun the use of unauthorized cryptocurrency exchanges so as to safeguard against the risk of malicious actors using the cryptocurrency.
Earlier, the Thai SEC also disclosed that it has realized greater attention in licenses to operate initial coin offerings (ICOs) after the finance ministry announced about the introduction of ICO regulations in the month of March. Particularly, about 50 ICO projects have shown interest in becoming licensed.