Thailand Issues 4 Cryptocurrency Licenses, Rejects 2 Exchanges

- Advertisement -

Thailand has officially granted licenses to three cryptocurrency exchanges and one broker-dealer. Two exchanges have been rejected and one is still being reviewed. These seven companies have been temporarily allowed to operate in the country. Two of them will now begin closing down their businesses.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Four Crypto Licenses Granted

Thailand Issues 4 Cryptocurrency Licenses, Rejects 2 ExchangesThe Thai Securities and Exchange Commission (SEC) announced on Tuesday the results of the applications for crypto business licenses. Seven companies applied for a license and have been allowed to operate their crypto businesses while the regulators reviewed their applications.

The country’s ministry of finance “has granted digital asset business licences to four applicants,” the Thai SEC detailed, noting that two applications have been rejected and one is still under review.

Thailand Issues 4 Cryptocurrency Licenses, Rejects 2 ExchangesThree crypto exchanges and one broker-dealer have received licenses. The three approved exchanges are Bitcoin Exchange Co. Ltd. (Bx), Bitkub Online Co. Ltd. (Bitkub), and Satang Corporation (Satang Pro). The approved broker-dealer is Coins Th Co. Ltd.

Meanwhile, the license application filed by local crypto exchange Coin Asset Co. Ltd. is still being reviewed but the company is permitted to keep operating while the decision has not been made. The delay is due to “a change of company executives, which is material information for the consideration of the application,” the commission described.

- Advertisement -

Two Crypto Exchanges Closing

The applications for crypto exchange licenses filed by Cash2coin Co. Ltd. and Southeast Asia Digital Exchange Co. Ltd. (Seadex) have been rejected. The Thai SEC revealed:

The applicants failed to meet the approval criteria regarding important work systems.

The commission added, “For example, the systems for custody of client assets and know your customer (KYC) were inconsistent with the SEC’s acceptable standards, while the sufficiency of their IT security and cyber security systems could not be verified.”

Thailand Issues 4 Cryptocurrency Licenses, Rejects 2 ExchangesThe two businesses have been notified of the closing down procedure by the Thai SEC.

- Advertisement -

The country’s ministry of finance is allowing both of them to continue operating until Jan. 14 “to ensure proper proceeding of related matters including notification to the clients regarding asset refunds or asset transfers to other digital asset operators according to the clients’ order,” the SEC noted. The two are required to return customer assets and notify the commission of the results. However, the regulator clarified:

The application rejection this time does not invalidate their right to apply for a digital asset business licence in the future as long as the application criteria are met.

What do you think of Thailand granting licenses to four crypto operators and rejecting two? Let us know in the comments section below.


Images courtesy of Shutterstock and the Thai SEC.


Need to calculate your bitcoin holdings? Check our tools section.

Source

Previous Articles:

- Advertisement -

Latest

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

South Korea Election Puts Crypto Policy at Center of Debate

Nearly one-third of South Koreans hold digital assets, making crypto a vital issue in the upcoming presidential election.Both major parties support crypto exchange-traded funds...

Scottsdale Residents Lose $6M to Crypto Scams; Police Respond

Scottsdale residents have reported losing over $6 million to cryptocurrency Scams in 2024.Authorities say actual losses could be higher, as not all cases are...

Ethereum Bullish Patterns Signal Altseason, 55% Rally Possible

Ethereum is showing two bullish chart patterns against Bitcoin, indicating a possible 30–55% price increase. Crypto analysts say an ETH/BTC rally could spark a broad...

Must Read

18 Countries With No Privacy Laws According To UN (List)

Privacy laws are legal frameworks designed to protect personal data from unauthorized access, misuse, or disclosure.Lack of privacy laws can lead to misuse of...