Thailand’s Securities and Exchange Commission (SEC) reported yesterday the approval of 7 cryptocurrency trading platforms, as per the formalization of internal crypto market.
According to the official statement, the governmental body responsible for developing, monitoring and executing financial regulations in the Asian country, confirmed that Bitcoin Co. Ltd. (BX), Bitkub Online Co. Ltd., Cash2coins Co. Ltd., Group Co. Ltd. (TDAX) and Coin Asset Co. Ltd., will be able to legally operate within the Thai territory.
Likewise, Monedas TH Co. Ltd. and Digital Coin Co. Ltd. (ThaiWM) were given green light to provide the same services.
In this regard, all authorized crypto-exchanges must apply for a full license within the 90-days period granted, which began on May, and it must be approved by said entity. In the meantime, they are clear to keep on operating as normal.
This measure is just one from a regulatory framework imposed on cryptocurrency exchanges headquartered in Thailand and that came into force on May 14.
On their part, promoters of Initial Coin Offerings (ICOs) in this country have expressed their interest in joining this legal regulation.
Over 50 projects have been presented for approval, according to SEC’s statement, but as of June, only 5 of them fulfilled the minimum requirements established by the watchdog.
At the same time, another 2 crypto assets operators are in process of being evaluated, for they introduced the corresponding request, according to the transitory provisions.
A development climate for the activity in the country
Despite having had a couple of stumble, such as the banning issued by Thai Central Bank to local banking entities in regards of cryptocurrency trades and investments on February, the local government has displayed a progressive and embracing attitude concerning cryptocurrencies and Blockchain technology.
In the case of these new legal provisions, the main goal of regulating digital currencies is to protect investors from scams and other fraudulent activities, such as tax evasion, money laundering and terrorism funding, which is a solid step forward in the crypto economic way of the Asian country.
Likewise, on June, the head of the Bank of Thailand (BoT) declared that the main financial institution is considering to issue its own digital currency, as a way to complement cash and thus ensure confidence in local money and its system.
This offers both natural and legal persons a feel of safety and protection, necessary to invest in the Thai digital market, which will ultimately contribute with the growth of the economic system in this country.