Thailand Approves Four Crypto Exchange Licenses

January 11, 2019
Thailand Approves Four Crypto Exchange Licenses January 11, 2019 Kevin Stokes

Cryptocurrencies are making a big break in Thailand as the government has issued licenses to four crypto exchanges. This is a move that follows in Japan’s footsteps of properly regulating cryptocurrency exchanges.

There were initially seven applicants but the Thai government decided to award only four of them with licenses. One of the remaining applicants is still waiting for it’s extended review to be finished while the last two are slated for shutdown.

The four exchanges that succeeded with their license application are Bx, Bitkub, Coins, and Satang Pro. All four of them were given the authorization to operate and are already gearing up for further action in the crypto market. This is going to be an uphill fight though as several countries have already staked their claims in Asia’s competitive crypto markets. Japan, Hong Kong and Vietnam have thriving crypto markets and it will be interesting to see how the crypto markets in Thailand fare.

In a statement, Jirayut Srupsrisopa, the founder of Bitkub, said

We can partner with traditional financial institutions, brokers, e-wallets, etc. to offer more financial products to customers. The bottleneck was the regulation.

The move towards regulation started last year when Thailand announced that they were putting down rules for initial coin offerings. Combined with the newly licensed exchanges, investors might see Thailand as one possible safe haven for cryptocurrencies in the region. Many crypto investors are looking for such havens after China banned cryptocurrencies and the US SEC taking a tough stance on crypto exchanges.

There is still one license that is going through the review process. Coin Asset is undergoing an extended review and remains hopeful. The exchange has already taken the extraordinary step of firing its entire senior management and replacing them so that it can win its bid for a license.

Two Exchanges Must Close Before Jan

Two exchanges had their applications for a license rejected outright. The two exchanges, Cash2Coins and Southeast Asia Digital Exchange are supposed to shut down before the end of January. The reason for the rejection of their license applications was because their know-your-customer (KYC) policies did not satisfy the review board.

KYC requirement are supposed to help prevent money laundering and boost security measures which is essential in keeping customers safe. Thailand wants to make sure that all of its licensed crypto exchanges have everything in order to keep its investors safe and continue to make Thailand an attractive option for those who want to deal in cryptocurrencies.  

About the Author

Kevin Stokes

Kevin Stokes Contributor

Kevin is our crypto expert, he will be keeping us in the know with all the going ons in the market as well as news on ICO's and the latest coins. Kevin has worked previously in the finance sector.

Related Articles

ASIC Unveils Ban on Binary Options & Restrictions on CFDs

Many financial experts in the Australian market predicted that this would eventually happen and turns out they were right. The

China Replaces Head Of Securities As It Seeks To Calm Market

China recently announced that it has replaced the head of its securities regulator Xiao Gang and appointed a top state

Visa Crackdowns On CryptoCurrency Card Provider WaveCrest

Thousands of pre-paid cryptocurrency card users were affected over the weekend after Visa decided to crackdown on a popular card