Thai Ministry of Finance Gives Digital Asset Business Licenses to Four Firms

Thailand’s monetary regulator has granted working licenses to 4 digital asset entities, whereas two others had been rejected.

The Thai Ministry of Finance has issued digital asset enterprise licenses to 4 crypto-related corporations, in keeping with a discover revealed by the nation’s Securities and Exchange Commission (SEC) Jan. 8.

According to the announcement, the licenses had been issued by the finance ministry “underneath the advice of the SEC Board.” The 4 firms that obtained a license are digital asset exchanges Bitcoin Exchange Co., Ltd., Bitkub Online Co., Ltd., and Satang Corporation, and cryptocurrency brokerage agency Coins TH Co., Ltd.

Another software to function a digital belongings change — filed by Coin Asset Co., Ltd — is reportedly into consideration, attributable to a change within the firm’s executives. The firm is allowed to proceed operations whereas the Ministry of Finance is contemplating the change.

In addition to the above-mentioned agency, two different candidates — Cash2coin and Southeast Asia Digital Exchange Co. (SEADEX) — had been rejected from receiving a license, allegedly on the grounds of failure to adjust to required SEC standards.

According to the discover, on account of their functions’ rejection, Cash2coin and SEADEX have additionally been ordered to stop operations. The Ministry of Finance, nevertheless, will reportedly enable the businesses to proceed operations till Jan. 14.

In August, the Thai SEC permitted seven different enterprise entities to conduct cryptocurrency operations as a part of the formalization of the nation’s home crypto market. The monetary regulator additionally actively urges the general public to keep away from unlicensed crypto exchanges in an effort to shield towards the specter of malicious actors utilizing cryptocurrency.

Previously, the Thai SEC additionally revealed that it has seen elevated curiosity in licenses to function preliminary coin choices (ICOs) following the finance ministry’s announcement introducing initial coin offering rules in March. Specifically, virtually 50 initial coin offering initiatives expressed curiosity in changing into licensed.

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