The Securities and Exchange Commission (SEC) of Thailand just revealed the seven cryptocurrency firms which received authorization to legally activate in the country. Five of them operate as crypto exchanges and the remaining two as cryptocurrency dealers.
The Thai SEC has announced the names of the seven cryptocurrency firms which received temporary approval to start their operations while their applications are being reviewed by the regulators.
The five crypto exchanges which were granted authorizations are Bitcoin Co. Ltd. (BX), Bitkub Online Co. Ltd., Cash2coins Co. Ltd., Satang Corporation (Tdax), and Coin Asse, while the two dealers are Coins TH Co. Ltd. and Digital Coin Limited (Thai WM).
Coin Asset just set up a crypto ATM which has support for six cryptocurrencies and multiple fiat currencies. Coins TH was founded Filipino remittance company Coins.ph back in 2014.
The Secretary-General of the Thai SEC, Rapee Sucharitakul described cryptocurrency investing as a very risky endeavor. The Commission all those who are interested in investing cryptocurrencies or crypto projects to first verify if the businesses were approved by the country’s regulators.
Two More Firms Being Reviewed
Thailand’s regulations regarding crypto and initial coin offering (ICO) became valid on May 14. The main regulator in the country for crypto-related matters started as of last month to accept applications for operating licenses in the country’s crypto space. Another 20 exchanges, 50 ICO projects, and five ICO portals have manifested interest in receiving SEC-approved licenses.
Cryptocurrency businesses that were active before May 14 had 90 days to apply for a temporary license while their actual applications are under review.
In addition to the seven firms mentioned earlier, the SEC is also reviewing two more cryptocurrency companies that claim their businesses were in operation before the new regulations were instated.
All other businesses that are looking to operate in Thailand’s crypto industry must first receive approval from the ministry of finance and the SEC before starting their activities.