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Thailand has reportedly revised its equity rules that help stockbroking firms launch cryptocurrency exchanges. The country now has 15 licensed cryptographic service providers.
New Thai rules and crypto exchanges
The Thai Securities and Exchange Commission (SEC) has revised its equity (NC) rules that help securities firms provide cryptocurrency services, the Bangkok Post reported Wednesday.
“The revised NC rules should help free up liquidity for securities firms looking to enter new businesses such as open digital or cryptocurrency exchanges,” the publication said, adding that some securities firms have consulted with the SEC. to launch a cryptocurrency exchange.
Securities companies that manage cryptocurrency assets will be able to calculate equity funds with the value of these cryptocurrencies. “The maximum computable amount of digital assets for a company’s NC is 50 percent of the asset’s value,” notes the publication. The new rules will also count cryptocurrencies as equity funds.
For securities firms that run cryptocurrency businesses and store crypto assets for their clients, the rules require them to “keep more than 1% of cold wallet equity funds (offline system) and 5% of the assets of the client stored on another system (hot wallet or online system). “For cryptocurrency companies that do not provide cryptocurrency custody service,” the CN requires net worth to be greater than 500,000 baht [$16,469]. “
15 crypto companies approved
The Thai Royal Decree on Digital Assets Activities BE 2561 regulates the cryptocurrency sector in Thailand. It classifies cryptocurrency assets into three types: “digital asset exchange”, “digital asset broker” and “digital asset dealer”. There is also a separate category for Initial Coin Offering (ICO) portals.
A total of 15 cryptocurrency service providers have been licensed to legally operate in the country, according to the Thai SEC website. Some companies have received more than one license.
Eight companies are authorized to manage digital asset exchanges: Bitkub, BX, Satang Pro, Huobi, ERX, Zipmex, Upbit and Z.com Ex. Five companies are authorized to act as digital asset brokers: Coins TH, Bitazza, Kulap, Upbit and Z.com Ex. Four companies are licensed to operate ICO portals: Longroot, T-box, SE Digital and Bitherb.
What do you think of Thai crypto regulation? Let us know in the comments section below.
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