It’s been clear that the blockchain industry is booming all over Asia. Many governments are trying to put in place new regulations in order to guarantee crypto investor and trader financial security. We had recently posted an article about Blockchain Regulations around the globe. Today, we are going to talk about Thailand which has been very proactive in making futuristic steps compared to other countries.
In fact, the Securities and Exchange Commission SEC in Thailand has just recently announced, this week, that the Ministry of Finance granted 4 crypto businesses digital asset licenses. Three of those crypto businesses are digital asset exchanges, namely Bitcoin Exchange, Bitkub Online, and Satang Pro. In addition, The commission granted a license to TH, a cryptocurrency broker and dealer Coins. The SEC also stated that 7 crypto-related businesses applied for the proper license to operate in the country under the Emergency Degree on Digital Asset Businesses B.E. 2561 (2018), only 2 applications were rejected and another application is still under consideration. According to the commission, the rejections were basically related to “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 cybersecurity systems could not be verified”
Cash2Coin and SEADEX, the 2 rejected applicants, are required to cease all operations by January 14, 2019. However, the SEC noted that the rejected applicants may apply again in the future if they meet the criteria for the application. As for the other company who failed to gain approval, Coin Asset Co Ltd, their application is still under review due to organizational changes in its executive board. While being reviewed, the SEC has allowed them to carry on with their normal business operations.
Over the past year, Thailand has been trying blockchain in different fields. An official ICO portal has even been proposed by the SEC, in addition to this approval of blockchain businesses. Moreover, Thailand’s National Electronics and Computer Technology Center (Nectec) will soon begin testing blockchain voting to apply it on a big scale later. It appears that a big boost will affect the industry of the country and Asia as a whole.