Thailand Opens Doors to Crypto, First Four Exchanges Approved by SEC
Thailand started out with a heavy handed approach to cryptocurrencies proposing crippling taxes on trading and profiting from them. This would have no doubt spelled the end of the industry in the Kingdom before it even began. Backpedalling, Thailand’s ruling junta, which has proved over its four years of control to have limited knowledge of business and economics, scrapped the 15% tax in favor of more regulation.
A number of crypto exchanges and blockchain startups filed for licenses from the Thai Securities and Exchange Commission and have been waiting since August. The SEC permitted seven exchanges to continue operating while it deliberated on official approval. That approval has arrived for four of them this week as the SEC announced in an official statement.
According to the release the SEC has approved the granting of 4 digital asset business licenses to the Ministry of Finance.
The Thai companies approved have been listed:
- Bitcoin Co., Ltd (BX, bx.in.th),
- Bitkhun Online Co., Ltd. (BITKUB, bitkub.com),
- Satang Corporation Limited (Satang Pro, satang.pro),
- Licensed as broker and trader Coins TH Company (Coins.co.th)