The Thai Ministry of Finance has granted digital asset business licenses to four crypto-related firms, as reported by the country’s Securities and Exchange Commission (SEC).
The licences were issued by the Ministry of Finance after a recommendation by the SEC Board and the four companies receiving them are digital asset exchanges Bitcoin Exchange Co., Ltd., Bitkub Online Co., Ltd., and Satang Corporation, as well as cryptocurrency brokerage firm Coins TH Co., Ltd.
Coin Asset Ltd also made an application, which is currently under consideration and may only have been delayed due to a change in the company’s executives. However, Coin Asset has been granted leave to continue trading while the Ministry looks into these changes.
Two other applicants — Cash2coin and Southeast Asia Digital Exchange Co. (SEADEX) — had their licence applications rejected, allegedly on the grounds of failure to comply with required SEC criteria, and they have been ordered to cease operations by 14th January.
This news comes just some months after Thailand’s SEC approved seven other businesses the right to conduct cryptocurrency operations as part of formalising the country’s domestic crypto market. The SEC has also issued a warning to Thai citizens, urging them to avoid unlicensed crypto exchanges so as to protect them from malicious activity with cryptocurrencies.
The Thai SEC reports that it has seen increased interest from businesses wishing to obtain a licence to conduct ICOs following its introduction of ICO regulations in March 2018, with around 50 businesses applying to become certified.