It seems that Thailand is contemplating some upsurge in its license crypto-services provider.
In recent reports gathered by the CNWN team, Thai regulators have now permitted 13 crypto businesses to operate as approved by the country’s laws. The said approval will include cryptocurrency exchanges, brokers, and dealers, to name a few.
Among the newest addition to the digital assets exchanges approved by the Thai Securities and Exchange Commission (SEC) are Huobi Thailand, Bitkub, BX, Satang Pro, ERX, and Zipmex.
Consequently, the six licensed digital asset exchanges can run for both cryptocurrencies and digital tokens, while ERX is an exemption that is only official for a digital token.
Besides, the three other approved digital asset brokers include Coins TH, Bitazza, and Kulap However. Of the three, Kulap is not yet operational while the only licensed crypto dealer in the country is Coins TH.
Meanwhile, the last four who were licensed are composed of ICO portals, namely Longroot, T-box, SE Digital, and Bitherb. Of the four, Bitherb, a joint partnership between Japanese crypto exchange Bitpoint Japan and Asia Herb Association Bangkok Co. Ltd., is the sole ICO portal that is not yet working.
Last September 2019, firms like BX, aka Bitcoin Co. Ltd., were halted but are expected to see a comeback as it currently processes returning its licenses, according to the data from SEC.
This slow expansion in Thailand can be undeniably seen in the Royal Decree on the Digital Asset Businesses B.E. 2561, which regulates the crypto sector in Thailand. This law classifies digital asset businesses into three types, such as: “digital asset exchange,” “digital asset broker,” and “digital asset dealer.”
As well, the Royal Decree also distinguishes between cryptocurrency and digital token.
According to its definition “Cryptocurrencies are “created to be a medium of exchange for the acquisition of goods, services, or other rights. On the other hand, digital tokens are created “to specify the right of a person to participate in an investment in any project or business, or to acquire specific goods, services, or other rights under an agreement between the issuer and the holder.”
The term ICO portal, which is meant as Initial Coin Offerings, is “a provider of an electronic system for facilitating the offering of newly issued digital tokens.”
Some of its functions include performing monitoring on the features of digital tokens to be offered and qualifications of the issuer and making sure that the registration statements and other documents have complete and accurate data inputted in it.
Under the Thai Anti-Money Laundering Act, all crypto exchanges, brokers, dealers, and ICO portals are treated as financial institutions.