Thai SEC Approves Seven Cryptocurrency Businesses, Open To More
Thailand’s Securities and Exchanges Commission has allowed seven cryptocurrency businesses to continue their operations in the country.
The government agency announced Wednesday, August 16, that it had approved the seven business operators pending further considerations by the regulator.
The approval forms part the country’s efforts to formalize the digital assets market within its borders.
The approved entities are:
- Bitcoin (BX);
- Group (TDAX);
- Bitkub Online;
- Cash2coins; and
- Coin Asset.
These businesses have been allowed to continue their operations as crypto trading and exchange platforms.
In addition to the five platforms, the Thai SEC also approved two other digital asset dealers. These dealers are Coins TH Co. Ltd. and Digital Coin Company Ltd. (Thai WM).
The agency’s statement also revealed that the regulatory body was in the process of reviewing applications from two other cryptocurrency business operators. The two crypto platforms filed their applications under the country’s “Transitional Provisions”.
The SEC’s statement comes at the end of a 90 day period during which businesses within the crypto industry were allowed to operate as they sought approval from the agency.
The effective date for the regulations was May 14 and the 90-day period came to a close on August 14.
As of now, any business that wishes to operate within the crypto industry in Thailand must apply and get a license from the country’s Finance department.
The regulator’s statement reads in part that:
“Operators who are not on the list and wish to operate a digital asset business can apply for a license to the SEC and will be able to do business with a license from the Minister of Finance.”
On August 10, the Thai SEC issued a warning to all investors against investing in Initial Coin Offerings (ICOs). The agency noted that the sector had the potential for numerous scams, clarifying that no single ICO issuer had approval.
“If people are persuaded to invest in an ICO or purchase digital tokens, please note that no ICO issuers are currently licensed.”
It urged potential investors to first check with the regulator before putting their money in ICOs.
The commission has said that it has received numerous applications from ICO issuers who wish to operate within the country. There have been over fifty such applicants, although the SEC revealed that only ten percent could qualify for approval.
The several ICO requests come after the SEC portal for token sales received approval, followed by a statement of support for coin offerings by the agency.
The portal came into effect on July 16 and has seen many start-ups look to get the regulatory go-ahead to offer token sales in Thailand.