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Thailand’s new capital rules favorable for cryptocurrency exchanges

The Thai SEC revised its NC rules to accommodate digital asset trading.

Image by Sasin Tipchai from Pixabay

Fri, 20 Nov 2020, 06:35 am UTC

Thailand is making it easier for businesses to put up cryptocurrency exchanges in the country. The Securities and Exchange Commission (SEC) has made revisions to its net capital (NC) rules which could help securities firms provide crypto services, Bitcoin.com reported.

“The revised NC rules are expected to help free up liquidity for securities firms that plan to enter new business such as open digital or cryptocurrency exchanges,” Bangkok Post reported. “Some securities companies consulted with the SEC to launch a cryptocurrency exchange.”

The Thai SEC made adjustments to its NC requirement to bolster the liquidity management of securities firms and derivatives brokers, and accommodate cryptocurrency trading. One such change is the inclusion of cryptocurrency and other digital assets when calculating a firm’s net capital funds. “The new rules will also count digital assets as capital funds,” the publication added.

However, there the SEC has set a limit as to the value of crypto assets firms can include when computing for their net capital funds. “The maximum amount calculable for digital assets to a firm’s NC is 50% of the asset value,” the publication explained.

Security firms that operate crypto businesses and store crypto assets for clients will be required to “more than 1% of the cold wallet's capital funds (offline system) and 5% of the client's assets stored on another system (hot wallet or online system)” under the new NC rules. Meanwhile, crypto firms that do not offer custodial services will be required that the “shareholders' equity to be over 500,000 baht,” which is around $16,469.

Thailand currently has 15 cryptocurrency service providers which some firms holding more than one license. Eight firms operate crypto exchanges (Bitkub, BX, Satang Pro, Huobi, ERX, Zipmex, Upbit, and Z.com Ex), five firms operate digital asset brokerages (Coins TH, Bitazza, Kulap, Upbit, and Z.com Ex), and four firms are approved to operate ICO portals (Longroot, T-box, SE Digital, and Bitherb.)

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