Three cryptocurrency exchanges have been grated licensing in Thailand by the Ministry of Finance.
Burger King to use cryptocurrency. XRP next? Thai exchange closing down
The exchanges namely Bitcoin Exchange Co. Ltd. (BX) Bitkub Online Co. Ltd.
(Bitkub) and Satang Corporation (Satang Pro) were granted working licenses from the government. The ministry has also granted a working permit to Coins TH Co.
Ltd, a crypto broker, and dealer.
Coin Asset Exchange Under Review:
Apart from the above-mentioned exchanges in Thailand, the government is also reviewing a cryptocurrency exchange licensing request from Coin Asset Exchange (Coin Asset Co).
The request has been put on hold as the ministry has noticed some deformity in their management.
Two Exchange Licenses denied by Thailand:
The SEC has also denied licensing requests from two other cryptocurrency exchanges namely Cash2Coins (Cash2Coins Co. Ltd) and Seadex (Southeast Asia Digital Exchange Co.
Ltd). The reason for the request being denied was the lack of cybersecurity and IT security in their management.
Thus, the government has ordered the companies to stop their operations and notify their users about the same before the 14th of January so that the users are able to withdraw their funds from the exchange.
Thailand: An Upcoming Crypto Hub
More and more cryptocurrency related businesses are moving towards Thailand as the government is acting quite supportive of such business activities.
Thailand had earlier approved ICO and cryptocurrency regulations in the country and even legalized seven top cryptocurrencies in the country which includes BTC and ETH.
With neighboring countries such as China and India putting a strict ban on cryptocurrencies and related activities, people are moving towards crypto friendly nations such as Thailand which can soon become a hub for blockchain and cryptocurrency.