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Regulations
Thailand has officially granted licenses to three cryptocurrency bags and a broker-dealer. Two exchanges have been rejected and one is still under review. These seven companies have been temporarily authorized to operate in the country. Two of them will start closing their activities.
Read also: The Indian Supreme Court moves the cryptographic hearing, the community asks for positive regulations
Four cryptographic licenses were granted
<img class = "size-medium wp-image-272630 alignright” title=”Thailand Issues 4 Cryptocurrency Licenses, Rejects 2 Exchanges” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/thai-sec-300×264.jpg” alt=”Thailand Issues 4 Cryptocurrency Licenses, Rejects 2 Exchanges "width =" 300 "height =" 264 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/thai-sec-300×264.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/thai-sec-768×676.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2019/01 /thai-sec-696×613.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2019/01/thai-sec-477×420.jpg 477w, https://news.bitcoin.com/wp -content / uploads / 2019/01 / thai-sec.jpg 952w "sizes =" (maximum width: 300px) 100vw, 300px”/>The Thai Securities and Exchange Commission (SEC) announced the results of requests for encrypted commercial licenses on Tuesday. Seven companies have applied for a license and have been allowed to manage their cryptographic activities while regulators have reviewed their applications.
The country's Ministry of Finance "has granted licenses of digital asset assets to four applicants," specified the Thai SEC, noting that two applications were rejected and one is still under review.
<img class = "size-medium wp-image-272632 alignright” title=”Thailand Issues 4 Cryptocurrency Licenses, Rejects 2 Exchanges” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/approved-300×218.jpg” alt=”Thailand Issues 4 Cryptocurrency Licenses, Rejects 2 Exchanges "width =" 300 "height =" 218 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/approved-300×218.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/approved-768×557.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2019/01/approved-324×235 .jpg 324w, https://news.bitcoin.com/wp-content/uploads/2019/01/approved-648×470.jpg 648w, https://news.bitcoin.com/wp-content/uploads/2019/01 /approved-696×505.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2019/01/approved-579×420.jpg 579w, https://news.bitcoin.com/wp-content/uploads /2019/01/approved.jpg 830w "sizes =" (maximum width: 300px) 100vw, 300px”/>Three cryptographic exchanges and a broker-dealer have received licenses. The three approved bursaries are Bitcoin Exchange Co. Ltd. (Bx), Bitkub Online Co. Ltd. (Bitkub) and Satang Corporation (Satang Pro). The authorized broker-dealer is Coins Th Co. Ltd.
Meanwhile, the license application filed by the local cryptographic exchange Coin Asset Co. Ltd. is still under review, but the company is authorized to continue operating while the decision has not been taken. The delay is due to "a change in company executives, which is relevant information for the consideration of the application", explained the commission.
Two Crypto Exchanges Closing
Applications for cryptocurrency licenses filed by Cash2coin Co. Ltd. and Southeast Asia Digital Exchange Co. Ltd. (Seadex) were rejected. SEC Thai revealed:
Candidates did not meet the approval criteria for important work systems.
The commission added: "For example, customer custody and customer knowledge (KYC) systems were not consistent with the acceptable standards of the SEC, while it was not possible to verify the sufficiency of IT security and security systems. computer technology".
<img class = "size-medium wp-image-272633 alignright” title=”Thailand Issues 4 Cryptocurrency Licenses, Rejects 2 Exchanges” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/business-closed-300×205.jpg” alt=”Thailand Issues 4 Cryptocurrency Licenses, Rejects 2 Exchanges "width =" 300 "height =" 205 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/business-closed-300×205.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/business-closed-768×525.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2019/01 /business-closed-218×150.jpg 218w, https://news.bitcoin.com/wp-content/uploads/2019/01/business-closed-436×300.jpg 436w, https://news.bitcoin.com/wp -content / uploads / 2019/01 / business-closed-696×476.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2019/01/business-closed-614×420.jpg 614w, https: / /news.bitcoin.com/wp-content/uploads/2019/01/business-closed.jpg 812w "sizes =" (maximum width: 300px) 100vw, 300px”/>The two companies were informed of the closure procedure by the Thai SEC.
The country's finance ministry is allowing both of them to continue operating until January 14, "to ensure the smooth execution of related issues including notification to customers about asset redemptions or asset transfers to other digital asset operators in basis of the customer order ", Note SEC. The two are required to return the client's assets and communicate the results commission. However, the regulator clarified:
This time the rejection of application does not invalidate their right to request a commercial license for digital assets in the future, provided the application criteria are met.
What do you think of Thailand which grants licenses to four encrypted operators and refuses two? Let us know in the comments section below.
Images courtesy of Shutterstock and Thai SEC.
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