Huobi becomes fifth licensed cryptocurrency exchange in Thailand

The Thai Securities and Exchange Commission (SEC) has added new players to its list of licensed cryptocurrency exchanges in the country.

On May 14, 2018, the Royal Decree on the Digital Asset Businesses B.E. 2561 (2018) came into effect in Thailand. The legislation, which was enacted to regulate digital asset businesses, stipulated that the SEC will be the main regulator for digital token offering and undertaking of digital asset businesses with the authority to issue relevant rules, conditions and procedures.

Earlier this year, the Ministry of Finance, under the recommendation of the SEC Board, granted digital asset business licenses to four companies. According to the details on the official SEC website, Huobi has become the fifth cryptocurrency exchange to receive a digital asset business license in Thailand.

Huobi has obtained the license under the registered company name Huobi (Thailand) Co., Ltd. The website huobi.co.th is currently not operational.

The website also lists the licensed digital asset brokers which include Coins TH, BiTherb, and Bitazza; licensed digital asset dealer Coins Th; and licensed ICO portals which include Longroot, T-BOX, and SE Digital.

The SEC is currently conducting a public hearing on amendments to propose new types of digital asset businesses, conditions and processes for requesting the licenses, and the license fees. The amendments under consideration particularly relate to new types of digital asset businesses including advisory service and fund manager. The consultation period will end on August 20, 2019.