7 crypto firms secure SEC nod to operate in Thailand

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Seven cryptocurrency firms in Thailand have been granted approval by the Securities and Exchange Commission (SEC) to operate in the country.

The Thai SEC started regulating cryptocurrencies and ICO activities last May 14, requiring all cryptocurrency businesses looking to operate in the country to apply for licenses. Businesses that were in operation in the country prior to May 14 were asked to apply for temporary approval before they can continue their operations.

For the last few weeks, SEC has been reviewing applications including about 20 exchanges, 50 ICO projects, and 5 ICO portals. Now, the Thai securities regulator announced that it has temporarily cleared five crypto exchanges and two dealers to operate in the country.

In a statement, the Thai SEC said the approved crypto exchanges were Bitkub Online Co. Ltd, Bitcoin Co. Ltd, Cash2coinsCo. Ltd, Coin Assets and Satang Corporation (TDAX), while the two crypto dealers were Digital Coin Limited (Thai WM) and Con TH Co. Ltd.

In addition to the seven firms, the securities regulator is currently verifying two more crypto firms, which claim to have been in business before the May 14 regulation have taken effect.

The Thailand government sought to regulate the cryptocurrency industry due to the various risks associated with the market. The government believes absence of proper regulations in the industry could lead to an unstable economy and increased criminal activities. Rapee Sucharitakul, secretary-general of the SEC, said by regulating the nascent industry, investors are protected from fraudulent activities.

Sucharitakul urged investors to be very vigilant when it comes to investing in a crypto company, saying they should check whether the company has been approved to operate in the country before making any deposits. So far, the Thai’s SEC is yet to grant any permanent approval to the cryptocurrency businesses seeking to operate in the country.