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The Ministry of Finance in Thailand has granted work licenses to three encryption companies and denied permits for two companies seeking to become regulated exchanges. The ministry has also issued a work permit to a cryptocurrency broker and a retailer.
"The four applicants grant a license are three digital exchange exchanges – namely (1) Bitcoin Exchange Co., Ltd. (BX) (website: bx.in.th), (2) Bitkub Online Co., Ltd (BITKUB) (website: bitkub.com), and (3) Satang Corporation (Satang Pro) (website: satang.pro) – and a cryptocurrency broker and Coins reseller TH Co., Ltd. (website: Coins.co.th), "The Securities and Exchange Commission of Thailand stated in a press release.
Two denied Thai encryption exchanges
Cash2Coins Co Ltd (website: cash2coins.com) and Southeast Asia Digital Exchange Co Ltd (website: seadex.io) have not been able to meet the ESA's ideal standards for asset maintenance and know-how protocol. -your-digital customer. The regulator, by order of the Ministry, denied requests for authorization for the execution of a cryptographic exchange, stating that IT security and IT security were not adequate.
The ministry has asked both cryptographic exchanges to stop their commercial operations in Thailand. He also gave owners a deadline of January 14 to tell their users to withdraw or transfer their cryptographic assets from the hot Cash2Coins and Seadex portfolios. Companies will be required to disclose their financial statements to the SEC after the return of such digital assets.
The SEC also confirmed that Cash2Coins and Southeast Asia could apply for a commercial license again after taking into account the concerns raised in response to the first question.
A license application in progress
The SEC has confirmed that it is reviewing a request from Coin Asset Co (website: coinasset.co.th) to become a cryptocurrency exchange in Thailand. The regulator has decided to put the application on hold after noticing the irregularities in the management of Coin Asset.
"There was a change in business executives, which are important information for the application review," explained the SEC. "While the Ministry of Finance is considering material change, the company can continue to operate on the basis of the transitional provisions of the degree of emergency on digital assets assets".
Thailand could see the start of inflows
The decision has made Thailand one of the most attractive markets in Asia for encrypted businesses. The country in 2018 approved the crypto and ICO regulations. And in June it has legalized seven cryptocurrencies, including Bitcoin and Ethereum. More likely, the South Asian economy could witness a growing influx of crypto-emigrants from neighboring countries, India and China, under which strict regulations limit the growth of blockchain startups.
The Thai government is also exploring blockchain technology for creating tools to monitor tax evasion, manage national identities and support the development and operation of their proposed digital Baht.
Images from Shutterstock.
