Securities and Exchange Commission of Thailand has given confirmation to seven business organisations to serve as cryptocurrency operators. The Thai regulators have made this announcement on 16th August wherein the cryptocurrency operations of these entities would formalise the domestic market scenario of Thailand.
The approval of Thai’s SEC
Thai’s SEC has released a statement ratifying organisations like Bitkub Online Co. Ltd, Coin Asset Co. Ltd, Bitcoin Co. Ltd [BX], Cash2Coins Co. Ltd. and Group Co. Ltd. [TDAX]. The approval from SEC will enable them to function as crypto exchanges. Besides, two crypto dealers, namely, Digital Coin Co. Ltd. and Coins TH Co. Ltd. have received approval from the regulators.
A set of rules which are currently in ‘transitional’ phase administer the domain of cryptocurrency in Thailand. At such a point of time, this event forms a part of those rules and regulations which have been implemented in 14th May, 2018.
As per the previous report of Cointelegraph, these organisations have continued to provide their service to the customers while sending the application for full license and waiting for its approval. In this case, the SEC receives a notification within a time span of 90 days. According to the statement, “In addition, the SEC is currently reviewing the data of two other digital asset operators that have filed an application under the Transitional Provisions.”
Currently, more than 50 projects are in a queue to receive approval from the regulator on fulfilling the criteria set by SEC. Till the month of June, five applicants managed to meet the prerequisite condition. SEC of Thailand has revealed last week about heavy interest from the possible issuers of ICOs while making application Thailand’s regulated status.
Image via Shutterstock
Join our Telegram group