Thai SEC Gives Nod To Seven Cryptocurrency Firms

Thailand is one of those few countries which exhibit a crypto friendly approach. Recently, the country’s regulator allowed the subsidiaries of banks to deal with cryptocurrencies.

The regulators had further stated that it would allow registered crypto exchanges to function, subject to certain terms and conditions.

Now, in line with their previous announcement, the regulators have approved seven firms to establish cryptocurrency operations in the domestic market.

Through a statement, Thailand’s Securities and Exchange Commission (Thai SEC) announced the list of firms which are allowed to operate cryptocurrency exchanges. This includes Bitcoin Co. Ltd. (BX), Group Co. Ltd (TDAX), Bitkub Online Co. Ltd., Coin Asset Co. Ltd., and Cash2coins Co. Ltd.

Two cryptocurrency dealers, namely Coins TH Co. Ltd. and Digital Coin Co. Ltd. (ThaiWM) were also approved by the regulator.

The decision is based on “transitional” rules set forth to govern cryptocurrency businesses in Thailand prior to the first set of rules that came into existence on May 14.

The Thai SEC revealed last week that there is a great interest in applying for regulated status by prospective ICO issuers. More than 50 projects have submitted their application for approval. The regulator has set guidelines that need to be fulfilled for approval. By the end of June, five ICOs have met the stipulated guidelines.