Home News Legal Thailand SEC Approves Licenses for Four Crypto Exchanges

Thailand SEC Approves Licenses for Four Crypto Exchanges

January 10, 2019 13:24
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The Securities and Exchange Commission (SEC), Thailand announced that it approved the licenses of four cryptocurrency exchanges and rejected two on Tuesday.

In its official newsletter, the SEC said, “The four applicants granted a licence are three digital asset exchanges – namely (1) Bitcoin Exchange Co., Ltd. (BX) (website: bx.in.th), (2) Bitkub Online Co., Ltd. (BITKUB) (website: bitkub.com), and (3) Satang Corporation (Satang Pro) (website: satang.pro) – and one cryptocurrency broker and dealer Coins TH Co., Ltd. (website: Coins.co.th).”

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“The two rejected applicants are Cash2coin Co., Ltd. (website: cash2coins.com) and Southeast Asia Digital Exchange Co., Ltd. (SEADEX) (website: seadex.io), both applying for a digital asset exchange licence. The applicants failed to meet the approval criteria regarding important work systems. For example, the systems for custody of client assets and Know Your Customer (KYC) were inconsistent with the SEC’s acceptable standards, while the sufficiency of their IT security and cyber security systems could not be verified,” the statement added.

Interestingly, Cash2coin and SEADEX were operating under Transitional Provisions of the Emergency Decree on Digital Asset Businesses, are currently under business cessation. However, the country’s Ministry of Finance, will allow both the companies to operate till January 14, in order to “ensure proper proceeding of related matters including notification to the clients regarding asset refunds or asset transfers to other digital asset operators according to the clients’ order.”

The statement added that the rejection did not take away the companies’ rights to apply for a new license, as long as the application criteria were met.

Taking a step ahead, the SEC has also decided that it will draft regulations on Initial Coin Offerings (ICO). Earlier it had said, “The [Thai] Securities and Exchange Commission (SEC) is conducting a public hearing to relax regulations on pre-sales and private sales of initial coin offerings (ICOs), aiming to reduce impediments for ICO issuers raising funds.”

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