Across Asia, different groups are getting formed with regards to cryptocurrencies and digital assets. On one hand, some nations like China are constantly beating anything related to digital assets and cryptocurrencies. On the other hand, some like Thailand, are opening their digital doors to the dawning industry.
It is to be noted that a number of blockchain startups and cryptocurrency exchanges filed for licenses from the Thai SEC. They have been waiting since August. Interestingly, the SEC permitted seven cryptocurrency and digital asset exchanges to continue operating while it was pondering over official approval. As per the announcement of SEC in an official statement, the much-awaited approval has arrived for four of them this week.
The SEC has approved the granting of four virtual currency business licenses to the Ministry of Finance, according to the release. Moreover, two applicants have been rejected and one is still pending approval. It is to be noted that the companies approved have been listed as Bitcoin Co., Ltd (BX, bx.in.th), Satang Corporation Limited (Satang Pro, satang.pro), Bitkhun Online Co., Ltd. (BITKUB, bitkub.com), and licensed as broker and trader Coins TH Company (Coins.co.th).
Furthermore, the two companies rejected were South East Asia Digital Exchange Limited (SEADEX, seadex.io) and Cash 2 Coin Company Limited (cash2coins.com). The primary reasons for rejection included failure to meet cybersecurity standards and improper KYC procedures as set out by the regulatory body. It is to be noted that the Ministry of Finance has allowed these 2 companies to continue to operate until January 14, 2019. After that, it has urged the companies to transfer any digital assets or cryptocurrencies held by them, back to its customers and also inform the SEC when they have done so. Also, it did not prevent either company from re-applying for a license when they meet the required standards.
One last applicant with pending status is Coin Asset Company Limited (coinasset.co.th). The SEC is still reviewing the details due to a number of executive changes in the organization. At the current time, the company can continue to do business.