Three Crypto Trading Companies Obtain Licenses From Thailand’s Ministry Of Finance

Three licenses have been approved from the Ministry of Finance in Thailand for three crypto trading exchanges and a few other working licenses for crypto brokers and dealers according to the blockchain news coming from Thailand.

The applicants include Bitcoin Exchange Co. Ltd, Satang Corporation, Bitkub Online Co., and the crypto broker/dealer Coins TH Co.

However, two exchanges got denied. For instance, Cash2Coins Co Ltd and Southeast Asia Digital Exchange Co Ltd apparently didn’t meet the standards of the Securities and Exchange Commission especially the maintenance system and know-your-customer protocol failed to fulfill the standards. The regulator denied the requests for the licenses explaining that the companies didn’t provide good enough IT security.

The regulator has even demanded from the crypto exchanges to stop operating in Thailand and gave them a deadline to notify their users to withdraw their crypto assets. The SEC also explained that both of the exchanges could eventually reapply for the license after solving their issues that were related with the first application.

The commission even pointed out that it is reviewing a request by one of the exchanges and has decided to put the application on hold:

 “There has been a change of company executives, which is material information for the consideration of the application. While the Ministry of Finance is considering the material change, the company may continue business operation by virtue of the Transitional Provisions of the Emergency Degree on Digital Asset Businesses.”

Thailand is currently one of the more attractive markets in Asia for crypto-related businesses. The country legalized seven cryptocurrencies in June 2018. The government in Thailand is hoping to further develop the blockchain technology and to better track tax evasion and easily manage national identities.