Connect with us

Banking

Thai Ministry of Finance grants crypto licences to 4 operators

The SEC announced that the Ministry of Finance has granted digital asset business licences to four applicants and rejected two applications.

Avatar

Published

on

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).  

Continue Reading
Advertisement Load WordPress Sites in as fast as 37ms!
Comments

Banking

Thai Baht currency control mulled by central bank

The Industry Minister proposed measures to help business owners, such as the promotion of Thai Baht as a currency for international trade to reduce the risks from US Dollar currency fluctuation

National News Bureau of Thailand

Published

on

BANGKOK, 15th August 2019 (NNT) – The Minister of Industry has held talks with the Bank of Thailand’s Governor over measures to control the fluctuation of Thai Baht currency, minimize impacts faced by SMEs and promote the import of machinery during this time to take advantage of the stronger currency.

(more…)
Continue Reading

Banking

Thailand’s dangerous debt addiction

Thailand is now a top-ten highest household debt country among 89 countries worldwide and third highest among 29 Asian countries.

Olivier Languepin

Published

on

Thailand’s household debt has steadily increased to 78.6% of the country’s gross domestic products (GDP), or Bt12.8 trillion in the fourth quarter of last year, according to figures from the National Economic and Social Development Council.

(more…)
Continue Reading

Banking

Thailand’s four challenges : Debt, inequality, plastics and climate change

Thais tended to get into debt faster, for longer and for higher amounts. Indebtedness starts as soon as they begin to work at age 25 and can increase until 56 years old.

Avatar

Published

on

Bank of Thailand Governor Veerathai Santiprabhob, in his speech entitled “Formulating for the Future of Corporate Governance”, delivered at the Finance and Beyond National Director Conference 2019 in Bangkok (July 24th), said Thailand faces four challenges that require good governance in businesses to address.

(more…)
Continue Reading

Most Read

Upcoming Events

Sep 19

ASEAN (Bangkok)Toys and Preschool Expo

September 19 @ 10:00 am - September 21 @ 7:00 pm BMT
Oct 16

GovInsider Live

October 16 - October 17
Nov 27

The Future Energy Show Thailand

November 27 @ 10:00 am - November 28 @ 5:30 pm BMT
Dec 05

The Healthcare+ Expo Taiwan

December 5 @ 9:00 am - December 8 @ 5:30 pm BMT

Press Release

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 11,077 other subscribers

Trending