Thailand has revised its net capital rules that help securities firms launch cryptocurrency exchanges. The country now has 15 crypto service providers that are licensed.
Crypto Exchanges helped by New Thai Rules.
The Thailand Securities and Exchange Commission (SEC) had revised its net capital (N.C.) rules that help securities companies offer crypto services; the Bangkok Post reported last Wednesday.
“The revised N.C. rules are expected to help free up liquidity for securities firms that plan to enter new business such as open digital or cryptocurrency exchanges,” the publication sent, adding that some securities companies have referred with the SEC to launch a cryptocurrency exchange.
The securities companies that operate crypto businesses will be allowed to calculate the net capital funds with these cryptocurrencies’ value. “The maximum amount calculable for digital assets to a firm’s NC is 50% of the asset value,” the publication stated. The new rules will also consider crypto assets as capital funds.
For the securities companies that operate crypto businesses and store crypto assets for their customers, the rules oblige them “to maintain more than 1% of the cold wallet’s capital funds (offline system) and 5% of the client’s assets stored on another system (hot wallet or online system).” For crypto companies that do not provide crypto custody service, “the N.C. requires shareholders’ equity to be over 500,000 baht [$16,469].”
15 Crypto Firms Permitted
The Thai Royal Decree on Digital Asset Businesses B.E. 2561 regulates the crypto sector in Thailand. It categorizes crypto businesses into three types: “digital asset exchange,” “digital asset broker,” and “digital asset dealer.” There is also another category for initial coin offering (ICO) portals.
A total of 15 cryptocurrency service providers have been licensed to operate in the country, the Thai’s SEC website stated, and some companies have received more than one license.
Eight companies are licensed to operate the digital asset exchanges: Bitkub, BX, ERX, Huobi, Satang Pro, Upbit, Zipmex, and Z.com Ex.
Five companies are licensed to act as digital asset brokers: Bitazza, Coins TH, Kulap, and Z.com Ex.
Four companies are permitted to operate ICO portals: Bitherb, Longroot, S.E. Digital, and T-box.