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).
Subscribe via Email
Thailand’s GDP to shrink from 9.4 to 11.4 percent
The Thai Chamber of Commerce (UTCC) has predicted that the Thai GDP this year will shrink between 9.4 to 11.4...
Covid-19: Thailand reports 10 weeks without local transmission
According to the Centre for Covid-19 Situation Administration (CCSA), Thailand has recorded zero new locally-contracted cases for 10 weeks.
Thai economy improved in June says Bank of Thailand
In June 2020, the Thai economy improved from the previous month due to the gradual relaxation of lockdown measures both...
Gold rush hits Thailand as prices surge
The value of gold has rocketed by Bt7,000 per baht weight since the beginning of this year, generating returns of...
April International Care announces raft of enhancements to MyHEALTH Singapore
APRIL International Care has announced significant improvements to its MyHEALTH Singapore private international health insurance policy range
Thailand Ranks First in the Global COVID-19 Recovery Index
Among the 20 countries with the highest recovery index, five are in Asia. They include Thailand, South Korea, Malaysia, Taiwan,...