Thai SEC to Examine License Filings from Seven Crypto Businesses

Five virtual currency platforms and two digital asset dealers have applied for an operating license with Thailand’s watchdog.

Thailand’s Securities and Exchange Commission (SEC) has released the names of seven cryptocurrency companies that have filed for a license to operate in the sector. The list includes crypto trading platforms Bitcoin Co Ltd, Bitkub Online, Cash2coins, Coin Asset, TDAX (to become Satang Pro on August 31), as well as dealers Coins TH and Digital Coin, the regulator announced on its website on Wednesday.

The application process is in accordance with the so-called Digital Asset Management Act BE 2561, approved in mid-March and amended with two royal decrees in mid-May. The framework required that crypto businesses file a request with SEC until August 14 if they are to carry out operations on the crypto market in Thailand.

While the SEC is reviewing the seven firms’ details, they will have the right to keep serving clients. The watchdog will then forward the cases to the finance ministry that will announce a final decision which organizations can be granted a license within 60 days.

Another two digital asset operators have submitted SEC applications. The regulator has not revealed any information about them yet but said that would post details in this section.

According to a recent report by news outlet Bangkok Post, around 20 cryptocurrency marketplaces and 50 coin offering projects have applied for operating licenses. However, the latest SEC statement implies that the watchdog has considered for approval only a few digital exchanges.

"Those who are interested in this type of investment must be knowledgeable and can bear the risk," SEC secretary-general Rapee Sucharitakul said in a comment on the risk associated with making investments in digital assets.