Asian nations have mixed sentiments regarding the implementation of digital currencies, but the news coming out of Bangkok is that seven new Thai crypto exchanges have been approved amidst ongoing regulatory hurdles issued by the Thai SEC.
The news comes as Thai crypto exchanges and new ICO projects now have to adhere to more stringent checks across Thailand, but maybe not as stringent as we were once informed.
More Thai crypto exchanges approved by regulators
If you have been keeping in touch with the crypto news across Asia in recent weeks, you will already know that Thailand has been one of the continent’s leading nations in regards to regulating cryptocurrency activities. In recent months, Thailand published new cryptocurrency regulations to mainly regulate ICO projects and Thai crypto exchanges.
The news is now coming out of the Kingdom, directly from the Thai Securities and Exchange Commission (SEC), that they have decided to approve seven new exchanges that have passed checks. Even though Thailand is currently amidst a military dictatorship, it is still moving forward in regards to crypto adoption.
Among the seven Thai crypto exchanges approved during the crackdown is the Kingdom’s leading exchange platform, BX Thailand (Bitcoin Co. Ltd), who receive a reported daily volume of over USD 2.3 million. Other exchanges now officially approved include Bitkub Online Co. Ltd, Cash2Coins Co. Ltd, Coin Asset Co. Ltd and TDAX (Group Co. Ltd).
Alongside the approval of those stated exchanges, other crypto related companies have also been approved such as the two crypto dealers, Digital Coin Co. Ltd (ThaiWM) and Coins TH Co, Ltd. Although the Digital Management Act came into effect in May, companies were allowed a grace period of three months to get up to speed with the regulators, the results of which are now being unveiled.
Thai SEC comments on the approvals
The Thai SEC has been very open towards the adoption of digital currencies and is using the new laws to ensure Thai crypto exchanges and ICO projects are using legal practices.
The secretary-general of the Thai SEC, Rapee Sucharitakul, has made a statement in regards to the ongoing checks and to give potential investors some advice. “Investors should check whether the business is listed by the SEC before investing in high-risk digital assets. Operators who are not listed but wish to operate a digital asset business can apply for a license from the SEC. They will be able to carry on business only if they are licensed by the Ministry of Finance,” said Sucharitakul.
When the Thai government first talked about the regulations in May, it was expected that the new laws on ICOs and Thai crypto exchanges would be harsh. However, the nation has backtracked a little on the plans to ban financial institutes from taking part in crypto activities. In reality, the laws are not so Spartan as the Thai SEC revealed news recently that more than 50 ICO projects are now interested in operating in the Kingdom.
While some Asian nations are still floundering on their next move on digital currencies, Thailand is approving more Thai crypto exchanges and ICOs that will make them a major player across the Asian crypto industry.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.