The recent crypto regulations in Thailand, launched by Thai Securities and Exchange Commission or SEC, give legal license to seven crypto firms. Out of these seven crypto firms, five is a crypto exchange and two are dealers.
Bitcoin Co. Ltd. (BX), Cash2coins Co. Ltd., Bitkub Online Co. Ltd. As per the recent crypto regulation in Thailand, authorities have granted legal authority to operate in the country to crypto exchanges Ltd., Satang Corporation (Tdax), and Coin Asset. The list also includes two crypto dealers: Digital Coin Limited (Thai WM) and Coins TH Co. Ltd. The approval is on temporary bases and still subjected to application’s approval and rejection by the governing authority.
One of the crypto exchanges, Coin Asset, has launched a one-of-its-kind crypto ATM that than can easily carry out dealing of six types of cryptocurrencies and various fiat currencies as well.
Crypto regulation in Thailand went into effect on May 14. Since then, the governing authority SEC has received license application from 20 exchanges, five ICO portals, and 50 ICO projects. But, only seven were succeeded to get one.
The Secretary-General of the Thai SEC, Mr. Rapee Sucharitakul, explains why the crypto regulation in Thailand has initially allowed only seven crypto firms to operate in the country. He states that this innovative investment method carries numerous risks that require thorough management to prevent future fraud. Allowing various crypto firms to operate in the country demands a strong vigilance body, which authorities have yet to establish. The Commission also requested investors to check the status of the crypto firm carefully before making any actual investment.
Two more crypto firms are waiting for the commissions take on their application. All the companies who seek the license to operate in the country should take an approval from the finance ministry and SEC beforehand.
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