Thailand Ministry of Finance has licensed the use of digital assets to four cryptocurrency firms, as reported by the CoinDesk news agency.
This was reported on Tuesday, January 8, by the country's Securities and Exchange Commission (SEC). In its report, the commission clarified that cryptocurrencies will be regulated in accordance with the "Emergency Decree on Digital Asset Businesses B.E. 2561 (2018)).
Licensing of cryptocurrency firms
According to the SEC, four firms that have received licenses: three crypto-exchanges – Bitcoin Exchange, Bitkub Online, Satang Corporation (Satang Pro) and Coins TH Co cryptocurrency brokerage company.
Cash2coin and the Southeast Asia Digital Exchange (SEADEX) were unable to obtain a license. According to the regulator, the two companies did not meet the required standards – for example, KYC storage systems were "incompatible," which could result in hacking.
As a result, Cash2coin and SEADEX will have to cease business operations by January 14, 2019. According to local law, they are required to return assets to customers and dismiss employees. However, firms can re-apply for a license, provided they follow the recommendations of the commission.
Meanwhile, the SEC is still considering an application from the Coin Asset company. As it became known, this company made some changes in the work after the application was submitted. The SEC considered information on innovations at Coin Asset as "essential information" for license review. Until the final decision is made by the commission, Coin Asset is authorized to conduct business operations.
In Thailand, 4 crypto-companies obtained licenses, while in general statistics, the indicators are not so positive. Recall that the government of the country for the first time announced the rules for licensing cryptographic protection in July last year. Then, almost 20 cryptocurrency companies applied for a license, but 13 of them were rejected.
Editor: Alyona Nabok