The Securities and Exchange Commission (SEC) of Thailand issued seven crypto companies a temporary permit to work legally in the country. The regulator is still considering their applications for a license.
Five approved companies are crypto-exchanges - Bitcoin (BX), Bitkub Online, Cash2coins, Satang Corporation (Tdax) and Coin Asset. The two other projects - Coins TH and Digital Coin Limited (Thai WM) - work as cryptocurrency dealers.
Other companies wishing to work with crypto assets in the country should apply for SEC approval and, before obtaining a license, they do not have the right to start operations.
WHY IS IT IMPORTANT?
- Earlier, the Thai regulator reported that already 20 companies had applied for a license to work as crypto exchanges.
- Also, the regulatory regime for ISO is being introduced in the country. Thai projects prior to launching should receive an approval from one of the special portals that will act as financial advisors for issuers of tokens. The portals will monitor compliance with the rules of KYC (Know Your Customer). After the approval, the ICO must receive a SEC authorization within two months.