The Securities and Exchange Commission of Thailand has recently announced that the country’s Ministry of Finance has decided to approve four applicants to operate cryptocurrency exchanges in their country. These four lucky exchanges to gain their license are Bx, Bitkub, Coin, and Satang Pro.
This recent move shows Thailand acceptance of cryptocurrency and possibly becoming a key player within the Asian sphere of crypto exchanges, whereas Japan, Singapore, Hong Kong, and Taiwan have managed to establish themselves as the place for blockchain entrepreneurs to be.
At the current moment, Coin Asset is pending review.
According to information provided by the press release, two exchanges were rejected during this decision. Both Cash2Coin Company Limited and South East Asia Digital Exchange Limited will have to shut down their operations by January 14th. The Finance Ministry has stated that these exchanges were denied due to poor know-your-customer regulations, and unsafe IT security and cybersecurity systems.
The Founder of Bitkub, Jirayut Srupsrisopa, had this to say about this momentous occasion:
“This day is truly momentous event as we gain another step further for a wider cryptocurrency adoption in the world. Thailand is one of the first countries to legally recognized cryptocurrency trading and Bitkub.com is one of the first trusted companies to receive the exchange license in service of the Thai people.”
Bitkub also points out that by gaining approval, the cryptocurrencies they exchange are legitimized. Said crypto coins are Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, Bitcoin SV and Cardano.
“More importantly, every coin listed in Bitkub.com’s platform has been screened rigorously by our Legal and Compliance Team in accordance to our listing procedure approved by the SEC. This process guarantee that only the quality and trusted cryptocurrency coins can be access on Bitkub.com’s platform.”
Thailand is taking a large step by accepting exchanges into its country. While other Asian countries may have a huge hold on blockchain tech, exchanges aren’t available as much due to the regulation of each nation. Even so, Thailand acceptance leads to grand victory for crypto owners everywhere.
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