Thailand Issues 4 Crypto Licenses, Rejects 2 Exchanges

Thailand Issues 4 Crypto Licenses, Rejects 2 Exchanges
фото показано с : news.bitcoin.com

2019-1-10 15:20

Thailand has officially granted licenses to three cryptocurrency exchanges and one broker-dealer. Two exchanges have been rejected and one is still being reviewed. These seven companies have been temporarily allowed to operate in the country. Two of them will now begin closing down their businesses.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Four Crypto Licenses Granted

The Thai Securities and Exchange Commission (SEC) announced on Tuesday the results of the applications for crypto business licenses. Seven companies applied for a license and have been allowed to operate their crypto businesses while the regulators reviewed their applications.

The country’s ministry of finance “has granted digital asset business licences to four applicants,” the Thai SEC detailed, noting that two applications have been rejected and one is still under review.

Three crypto exchanges and one broker-dealer have received licenses. The three approved exchanges are Bitcoin Exchange Co. Ltd. (Bx), Bitkub Online Co. Ltd. (Bitkub), and Satang Corporation (Satang Pro). The approved broker-dealer is Coins Th Co. Ltd.

Meanwhile, the license application filed by local crypto exchange Coin Asset Co. Ltd. is still being reviewed but the company is permitted to keep operating while the decision has not been made. The delay is due to “a change of company executives, which is material information for the consideration of the application,” the commission described.

Two Crypto Exchanges Closing

The applications for crypto exchange licenses filed by Cash2coin Co. Ltd. and Southeast Asia Digital Exchange Co. Ltd. (Seadex) have been rejected. The Thai SEC revealed:

The applicants failed to meet the approval criteria regarding important work systems.

The commission added, “For example, the systems for custody of client assets and know your customer (KYC) were inconsistent with the SEC’s acceptable standards, while the sufficiency of their IT security and cyber security systems could not be verified.”

The two businesses have been notified of the closing down procedure by the Thai SEC.

The country’s ministry of finance is allowing both of them to continue operating until Jan. 14 “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 noted. The two are required to return customer assets and notify the commission of the results. However, the regulator clarified:

The application rejection this time does not invalidate their right to apply for a digital asset business licence in the future as long as the application criteria are met.

What do you think of Thailand granting licenses to four crypto operators and rejecting two? Let us know in the comments section below.

Images courtesy of Shutterstock and the Thai SEC.

Need to calculate your bitcoin holdings? Check our tools section.

The post Thailand Issues 4 Crypto Licenses, Rejects 2 Exchanges appeared first on Bitcoin News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Miner One token (MIO) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MIO

exchanges licenses thailand crypto one two rejects

exchanges licenses → Результатов: 34


Фото:

The Daily: Cloud Outage Affects Exchanges, Okex Launches ICO Information Platform

In the Saturday edition of The Daily, we look at a technical issue with Amazon’s cloud services network that has forced two major South Korean crypto exchanges to temporarily go offline. In other news, Malta-based digital asset exchange Okex has launched a platform offering information on initial coin offerings and Estonia has issued licenses to […] The post The Daily: Cloud Outage Affects Exchanges, Okex Launches ICO Information Platform appeared first on Bitcoin News.

2018-11-24 17:40


Regulators Approve Coinbase to Offer Custody Services in New York State

Coinbase has secured approval from New York state regulators to act “as a limited purpose trust company” in the state, a press release reveals. According to the release, the New York Department of Financial Services (DFS) has officially signed off on an application for the Coinbase Custody Trust Company, a subsidiary of Coinbase Global, Inc.

2018-10-24 00:55


Crypto Exchanges Don’t Need Licenses in Colorado For Fiat, Positive Development

The State of Colorado recently released a special guidance that will eliminate the need for money transmitting licenses in crypto exchanges in cases when no fiat currencies are being involved. No Fiat Used — No License Needed Only days ago, on September 20th, a new interpretive guidance regarding the Colorado Money Transmitters Act’s applicability was.

2018-9-23 16:26


Crypto Friendly Policies Rapidly Drawing Companies to Thailand

Soon after Thailand adopted its regulations for cryptocurrencies and initial coin offerings (ICOs), companies reportedly pile up to apply for licenses to operate in the country. According to the Thai Securities and Exchange Commission, about 50 ICO projects are seeking to launch, five portals plan to open for business and 20 crypto exchanges have applied […] The post Crypto Friendly Policies Rapidly Drawing Companies to Thailand appeared first on Bitcoin News.

2018-8-10 08:25


Фото:

Philippines’ Financial Zone Making Crypto Controls, Authorizing 25 Exchanges

Regulation The authority of the Filipino government-owned economic zone is drafting regulations for cryptocurrencies and planning to limit the number of licenses it issues to 25. Japan Confirms Entrance Into the Crypto Space Drafting Crypto Regulations Philippines’ Cagayan Economic Zone Authority (CEZA) is “crafting rules to safeguard cryptocurrency investors,” according to the Philippine News Agency,

2018-7-1 22:11