The SEC announced that the Ministry of Finance, under the recommendation of the SEC Board, has granted digital asset business licences to four applicants and rejected two applications.
The news was published by the country’s Securities and Exchange Commission (SEC), also stating that crypto businesses are still regulated under the “Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).”
While two applicants have been rejected by the SEC, another application is still under consideration (coinasset.co.th)
The Ministry of Finance notified the results of the consideration of the seven applicants* yesterday, with details as follows:
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).
Two applicants rejected will cease business by January 14th
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.
In addition, as a result of the application rejection, Cash2coin and SEADEX, which had been operating business by virtue of the Transitional Provisions of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), have become subject to business cessation; however, 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 Ministry of Finance is allowing both companies to continue their business operation until 14 January 2019.
Regarding clients’ assets under custody, the companies are requested to transfer or return the assets according to the clients’ order and notify to results of the matter to the SEC. The SEC has notified Cash2coin and SEADEX in writing of the required proceeding. In any case, the application rejection this time does not invalidate their right to apply for a digital asset business licence in the future as long as the application criteria are met.
The application for a digital asset exchange licence filed by Coin Asset Co., Ltd. (website: coinasset.co.th) is still under consideration because 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 B.E. 2561 (2018).
For more details of the rules and regulations governing application for digital asset business licences or information on digital asset investment, please visit www.sec.or.th/digitalasset or contact SEC Help Center at Hotline 1207.
*The seven applicants have been operating digital asset businesses by virtue of the Transitional Provisions of the Emergency Degree on Digital Asset Businesses B.E. 2561 (2018).
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
S&P maintains Thailand’s credit rating at BBB+ with stable outlook
Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.
Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.(more…)
Thailand welcomes first Finnair flight from Stockholm to Phuket
Bangkok, 25 October, 2021 – The Tourism Authority of Thailand (TAT) today welcomed the start of Finnair’s latest direct non-stop...
More COVID-19 restrictions are relaxed in Thailand from 16 October 2021
Bangkok, 16 October, 2021 – The Tourism Authority of Thailand (TAT) would like to provide an update that more COVID-19...
China’s economy stumbles on power crunch
BEIJING (Reuters) – China’s economy hit its slowest pace of growth in a year in the third quarter, hurt by power shortages, supply chain bottlenecks...
Quarantine-Free Thailand Reopens for Vaccinated Tourists From 1 November 2021
The Tourism Authority of Thailand (TAT) would like to confirm that Thailand is all set to welcome fully vaccinated foreign...
The ASEAN-India Trade in Goods Agreement
The ASEAN-India Trade in Goods Agreement (the “Agreement”) is a trade deal between the ten member states of ASEAN and...