Thai Ministry of Finance approves digital asset business license applications of four operators

The Thai Securities and Exchange Commission (SEC) has announced that four cryptocurrency businesses have been granted digital asset business licenses.

The licenses have been granted by the Ministry of Finance, under the recommendation of the SEC Board.

According to the announcement, the four applicants that have been granted the license include three digital asset exchanges including Bitcoin Exchange Co., Ltd., Bitkub Online Co., Ltd., and Satang Corporation, and one cryptocurrency broker and dealer Coins TH Co., Ltd.

The ministry has also rejected two applications for a digital asset exchange license from Cash2coin Co., Ltd. and Southeast Asia Digital Exchange Co., Ltd. The SEC said that these applicants failed to meet the approval criteria regarding important work systems such as Know Your Customer (KYC) processes, IT security and cyber security systems, and the systems for custody of client assets.

“As a result of the application rejection, Cash2coin and SEADEX, which had been operating business by virtue of the Transitional Provisions of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), have become subject to business cessation,” the announcement read.

That said, the ministry has allowed them to continue their business operation until 14 January 2019 to “ensure proper proceeding of related matters including notification to the clients regarding asset refunds or asset transfers to other digital asset operators according to the clients’ order.”

The SEC clarified that the application rejection does not invalidate their right to apply for a digital asset business license in the future.

Another application for a digital asset exchange license filed by Coin Asset Co., Ltd. is still under consideration as there was a change of company executives, the release said.