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., Satang Corporation (Tdax), and Coin Asset are the crypto exchanges that has been granted legal authority to operate in the country as per the recent crypto regulation in Thailand. The two crypto dealers who have made in the list are 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 way of investment tag along numerous risks with it that need to be administered thoroughly to avoid any sort of fraudulent in the future. Allowing various crypto firms to operate in the country demands a strong vigilance body which is not formed yet. 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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