The Ministry of Finance in Thailand has provided four cryptocurrency exchanges with digital assets’ licenses. These platforms applauded the move outlining that it would be great undertaking legitimate business operations onwards.
State of affairs
Thailand’s Securities and Exchange Commission has been in touch with the ministry of finance. According to the body, the ministry provided several companies with the digital asset business licenses. These companies included Coins TH Co, Satang Pro, and BITKUB.
As a rule, the SEC gave out its recommendation. On the other hand, South East Asia Digital Exchange Ltd. (SEADEX) and Cash2 Coin Co. Ltd. (Cash2coin) suffered a blur. Both failed in the effort, the body citing security concerns.
Nonetheless, a top official disclosed that Coin Asset Ltd had done its part submitting its application. In the meantime, the body continues reviewing it.
To clarify, the two exchanges that did not get a license will proceed with their daily operations. The ministry allows it, though it will be under the transitional provision. Customers will have to take advantage of the window period to withdraw assets and make appropriate transfers.
Turn of events
Coin Asset clearly understands that it will undertake its operations under the transitional provisions. Hopefully, the ministry in conjunction with the body will soon make the final decision on the application.
Back in August last year, about seven cryptocurrency dealers and cryptocurrency exchanges applied for licenses. Thai WebMoney happens to be one of those that applied for the license. However, the service has grinded to a sudden halt according to sources.
SEADEX hasn’t appeared on the list since August, a matter that has resulted in much speculation.
Thailand’s central bank has been making the changes it deems necessary from time to time. For instance, it at some point barred financial institutions in the country from joining in activities related to virtual currency.
Rapee Sucharitakul, the SEC Secretary-General, talked on the great need to guard investors in the best way possible. The official thought investors needed education in line with the use of initial coin offerings and digital currencies.
King Rama X has shown great support for the formulation of law to govern cryptocurrency transactions regulation.