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Thailand’s national Securities and Exchange Commission (SEC) has announced that the country’s Ministry of Finance has granted digital asset business licenses to four cryptocurrency related firms.
In a public announcement, the SEC stated that four firms have been issues with licenses, while two were rejected. The announcement states:
“The four applicants granted a licence are three digital asset exchanges – namely (1) Bitcoin Exchange Co., Ltd. (BX) (website: bx.in.th), (2) Bitkub Online Co., Ltd. (BITKUB) (website: bitkub.com), and (3) Satang Corporation (Satang Pro) (website: satang.pro) – and one cryptocurrency broker and dealer Coins TH Co., Ltd. (website: Coins.co.th).”
The applications for the grants by Cash2coin Co., Ltd. and Southeast Asia Digital Exchange Co., Ltd. were rejected owing to the failure to meet approval criteria related to the work systems. The SEC explained that the Know Your Customer (KYC) and custody of client assets systems were not aligned with the SEC standards. Furthermore, the IT and cyber security systems were not verified, resulting in the rejected application. The two companies have been ordered to cease business operations, but are allowed to operate until the 14th of January in order to sort out finalizations related to client refunds and asset transfers.
A seventh applicant, Coin Asset Co. Ltd, is currently under consideration owing to a change in the executives of the company, which – according to the SEC – is “material information for the consideration of the application“.