Four companies dealing with cryptos were awarded digital business licenses in Thailand this week.
The Ministry of Finance released the determination of the seven license applications this Wednesday. According to the report, the regulator decided to grant crypto business licenses to four companies, while two applications were rejected.
This decision was reportedly based on the guidance of the Securities and Exchange Commission of Thailand.
For reference, all digital asset business in the country are "regulated under the Emergency Degree on Digital Asset Businesses B.E. 2561 (2018)."
"The four applicants granted a licence are three digital asset exchanges – namely (1) Bitcoin Exchange Co., Ltd. (BX), (2) Bitkub Online Co., Ltd. (BITKUB), and (3) Satang Corporation (Satang Pro) – and one cryptocurrency broker and dealer Coins TH Co., Ltd," reads the report.
Meanwhile, two firms Cash2coin and Southeast Asia Digital Exchange (SEADEX) were not so lucky and failed to win the license. As the authority stated, these companies did not comply with the standards, including KYC policy and custody system. This means that they will have to suspend business operations until January 14. It was also noted that the companies may return all funds to their clients and "notify to results of the matter to the SEC".
Still, the SEC added that a company can resubmit a license application after improving services in line with the standards.
At the same time, the application filed by Coin Asset Co. remains under consideration given the changes of the managing board, "which is material information for the consideration of the application". As a result, the company may keep running under Transitional Provisions of the Emergency Degree on Digital Asset Businesses B.E. 2561 (2018) until the determination is made.