Crypto-Friendly Thailand Awards New Licenses to 4 Digital Asset Companies
Thailand continues to be one of the premier locations in Southeast Asia for companies related to blockchain technology and cryptocurrencies.
At the outset of 2019, the country’s Ministry of Finance awarded four firms—Bitcoin Co Ltd, Bitkub Online Co Ltd, Satang Corporation, and Coins TH Co Ltd —licenses to legally operate as crypto businesses, pursuant to the Royal Decree on the Digital Asset Businesses B.E. 2561.
Among the four recipients, only Coins TH Co is legally classified as a digital asset dealer. The three firms, on the other hand, are licensed as digital asset exchanges.
Coins TH is “Thailand’s Leading Bitcoin Wallet”, through which clients can convert Bitcoin (BTC) to Thai baht (THB) and vice versa. This crypto wallet is also available as an iOS application, the first Thai crypto app in Apple’s App Store.
Bitcoin Co, on the other hand, operates BX, an exchange platform for more than 20 cryptos including BTC, Ethereum (ETH), and Bitcoin SV (BSV), as well as THB. BX.in.th secures user accounts by allowing its clients to activate and to use 2Factor Authentication (2FA).
Another new exchange licensee, Satang aims to provide legal and trustworthy services that are up to international standards. Thais can trade their THB on Satang Pro for six digital tokens, including Tether (USDT), Stellar (XLM) and XRP (XRP).
Launched in May 2018, Bitkub claims that to have screened every crypto coin it has listed on its exchange platform. Some of the listed cryptos include BTC, ETH, OmiseGO (OMG), and Cardano (ADA), among others.
Meanwhile, the applications of both Cash2coin Co Ltd and Asia Digital Exchange Co Ltd were rejected for failing to meet set criteria.
Why Crypto Businesses Love Thailand
Many governments all across the world—most notably, the United States—are struggling to understand what crypto is. Leaving them behind—however—is Thailand, who has already enacted rules that allow related businesses to operate with peace of mind.
For one, the said royal decree compels companies to first receive approval from the Thai Minister of Finance, upon endorsement of the country’s Securities and Exchange Commission, before operating in the local digital asset industry. Furthermore, this decree provides the legal definition of cryptos, their different classifications, and more.
That royal decree will not be the last, either. Last November, Deputy Prime Minister Wissanu Krea-ngam called for more streamlined and more effective regulations, mainly for the safety of crypto investors and businesses.