Four cryptocurrency grants receive licenses in Thailand

Thailand is following Japan's command by regulating the cryptocurrency trade in the country.

Recently, the first group of cryptocurrency brokers and operators has been licensed in the country.

The four exchanges that will be legally operational in the country will soon be Bx, Coins, Satang Pro and Bitkub.

Are other exchanges coming too?

Coin Asset, another grant that applied for a license has undergone a lengthy overhaul as they have replaced their management team to try and win a license.

However, two other entities – Southeast Asia Digital Exchange and Cash2Coins have failed to get a license and will have to close this month.

The two exchanges will have to inform customers of the arrest, so that they can move their resources quickly from the exchange.

Bangkok Post reported that the two were rejected due to insufficient KYC processes and IT infrastructures.

Thailand is preparing to attract Blockchain projects

Asia has become a hotbed for cryptographic and blockchain activities and with this new development, Thailand could establish itself as a hub in the industry.

The addition of four exchanges authorized in Thailand represents a huge step towards legitimizing its crypto-industry.

Jirayut Srupsrisopa, a founder of Bitkub, noted that "the bottleneck was the regulation,"When we talk about TechCrunch, and went on to say:

"We are able to collaborate with traditional financial institutions, brokers, e-wallets, etc. To offer more financial products to customers".

China is hostile towards cryptocurrencies which gives Thailand a certain advantage in becoming an important player in the region.

However, Singapore and Hong Kong compete with the country, given the number of existing initiatives.

Singapore is already a consolidated hub for ICO and also boasts a large pool of developers. Over a dozen exchanges are allowed to work in the city-state, and the industry has also received self-regulatory status.

Meanwhile, Hong Kong, another Asian hotspot is preparing to grant licenses that could become a significant competition for Thai entities.

However, Thailand could not become one of the "regulatory paradises" of Asia for investors.

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