According to a press release by the Securities and Exchange Commission of Thailand (SEC), the country’s Ministry of Finance has approved the applications of four companies to operate cryptocurrency exchanges within the Kingdom.
The four to gain an official operating licence are Bitcoin Company Limited (BX), Bitkhun Online Company Limited (BITKUB), Satang Corporation Limited (Satang Pro) and Coins TH Company (Coins).
Asia Hub of Digital Assets
A fifth entity, Coin Asset, is still undergoing review but two other exchanges, Cash2Coin and South East Asia Digital Exchange, were denied permission due to being “…not ready to meet standards accepted by the SEC” and told to cease operations by 15th January 2019.
Both exchanges may re-apply after addressing IT security concerns and improving their KYC standards.
Most of the companies considered by the authorities began the procedure for an official licence in August 2018.
Last year was indeed a busy time for Thailand’s SEC who compelled all ICO issuers, digital exchanges, brokers and dealers involved with digital asset transactions to formally register with statutory authorities and then moved swiftly to formulate a regulatory framework.
Developments within Thailand are being seen as an attempt to position the country alongside nations such as Singapore who have helped to establish Asia as a strong cryptocurrency hub, with Japan recently taking the unusual step of granting the industry self-regulatory status.