Thai authorities issue licenses to 4 crypto exchanges, denies license to other 2

[mlawson71]

The Finance Ministry in Thailand bestowed licenses to four crypto exchanges and denied authorization to two other companies on the ground that their IT and cybersecurity is not adequate enough.

The four digital companies, that were granted a license are Bitcoin Co, Bitkub Online Co Ltd, Satang Corporation Co Ltd and Coins TH Co Ltd, where the first three are licensed as authorized digital asset exchanges, while the last as a licensed broker and dealer of crypto currencies.

In the same time Cash2Coins Co Ltd and Southeast Asia Digital Exchange Co Ltd were denied licenses, because their asset maintenance systems and the system for customer identification – the electronic Know Your Customer system did not cover the standards of the Thai Securities and Exchange Commission (SEC).

According to the new regulations in the country, that came in to force last May, currently SEC is responsible for the regulation of all initial coin offerings (ICOs) and other crypto asset businesses, including all digital exchanges, brokers and dealers involved in digital asset transactions.