Finance

Thai SEC Issues Licenses To Seven Crypto Businesses

Exciting things are happening in Thailand as far as the crypto space is concerned. The country recently approved seven businesses to conduct crypto-related operations within Thailand. The government has been trying to formalize the domestic market for a while now, and this move appears to be another step towards that direction.

Five Exchanges and Two Dealers Approved

The statement released by Thailand’s Securities and Exchange Commission (Thai SEC) highlights all five exchanges and two dealers that have been allowed to operate in the country. These include Bitcoin Co. Ltd. (BX), Cash2coins Co. Ltd., Bitkub Online Co. Ltd., Coin Asset Co. Ltd., Group Co. Ltd. (TDAX), Digital Coin Co. Ltd. (ThaiWM), and Coins TH Co. Ltd.

The Need For Regulations

Cryptos had been unregulated in the country until May, when regulaitons were fully introduced to create a complete regulatory framework for cryptocurrencies.

According to the officials, this was done to protect investors from frauds and scams. Moreover, these regulations are also designed to prevent cryptocurrencies from being used in criminal activities, tax avoidance, and money laundering.

The 100-section law defines digital currencies as “digital assets and digital tokens,” and puts them under the control of the Thai SEC.

The Finance Minister spoke very positively of digital assets ensuring investors that the country had no plans to curb the growth of cryptocurrencies  – as long as they are regulated.

The regulatory framework requires all crypto-related businesses operating in the country to register and meet all other legal requirements. The interesting bit, however, is that businesses were allowed to conduct operations while waiting for the license to arrive as long as they got one within 90 days of the deadline (May 14). Otherwise, they had to handle penalties.

More Applications Are Being Considered

The department is currently reviewing applications of two other crypto-related businesses. While a decision is yet to be taken, many are hopeful that two more businesses will soon get the nod from the government, adding to the growing list of legal and regulated crypto-businesses in Thailand.

In addition to this, there appears to be significant interest from ICO users as well. According to reports, over 50 businesses had applied for an ICO license, but only five had met the prerequisites required for an application to get accepted.

“Projects which can be [easily vetted] and have commercial attributes attached to them will be considered for fund-raising,” announced the Finance Minister.

With a regulatory framework and simple policies, Thailand may soon be a haven for crypto investors.

 

Did you find this article helpful? Don’t hesitate to share on Facebook and LinkedIn to let your network know!

Michael Wight

Michael is a freelance writer with special interest in finance and technology. He regularly trades cryptocurrencies and loves to share his knowledge with others.

Related Articles

41 Comments

  1. What¦s Taking place i’m new to this, I stumbled upon this I have found It positively useful and it has helped me out loads. I’m hoping to give a contribution & aid other users like its helped me. Great job.

  2. I will right away clutch your rss feed as I can’t in finding your email subscription hyperlink or e-newsletter service. Do you’ve any? Please permit me know so that I may subscribe. Thanks.

  3. Hi , I do believe this is an excellent blog. I stumbled upon it on Yahoo , i will come back once again. Money and freedom is the best way to change, may you be rich and help other people.

  4. I have learned some new things by means of your blog. One other thing I would really like to say is the fact that newer personal computer operating systems tend to allow more memory for use, but they also demand more ram simply to work. If someone’s computer could not handle additional memory plus the newest computer software requires that storage increase, it usually is the time to shop for a new Personal computer. Thanks

  5. คาสิโนออนไลน์นับว่าเป็นวิธีที่เยี่ยมสวยๆในการนักพนันเนื่องจากว่าอีกทั้งสบายรวมถึงปลอดภัย เล่นที่ใดตอนไหนก็ได้นั่นหมายความว่าคุณสามารถทำเงินได้ตลอดระยะเวลา UFABETได้สะสมทุกเกมไว้คอยคุณแล้วแค่เพียงสมัครเข้ามาก็ทำเงินได้ในทันทีทันใด

  6. Have you ever thought about adding a little bit more than just your articles? I mean, what you say is fundamental and everything. But just imagine if you added some great images or videos to give your posts more, “pop”! Your content is excellent but with pics and videos, this blog could definitely be one of the most beneficial in its niche. Awesome blog!

Close