According to the statement, the Thai SEC granted four digital asset business licenses—3 to crypto exchanges and one to a broker and dealer.
Thailand’s Security and Exchange Commission (SEC) has officially approved four digital assets licenses, the agency announced on Tuesday (January 8).
According to the release, the Thai SEC granted licenses for three cryptocurrency exchanges and one broker while at the same time rejecting two other applications.
The approved exchange applicants include Bitcoin Exchange, Bitkub Online and Satang while cryptocurrency broker and dealer Coins TH got the green light from the SEC.
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Meanwhile the two applications that were rejected include Cash2coin and Southeast Asia Digital Exchange, both of which had applied for a digital asset exchange license. According to the SEC, both applicants “failed to meet the approval criteria regarding important work systems.”
The SEC said that both applicants failed to meet the agency’s standards in terms of custody of client assets and know your customer, while IT security and cybersecurity systems for both couldn’t be determined.
As a result, the Ministry of Finance has said that both Cash2coin and Southeast Asia Digital Exchange are subject to their business operations terminating and have until January 14 to notify its users regarding asset refunds and asset transfers to other digital exchanges.
In the release, the SEC said that both Cash2coin and Southeast Asia Digital Exchange have already been notified of their requirements.
“The application rejection this time does not invalidate their right to apply for a digital asset business licence in the future as long as the application criteria are met,” the statement says.
The SEC also disclosed in the release that Coin Asset had also filed for a cryptocurrency exchange but that it is still under review due to a change in company executives.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.