Thailand is following in the footsteps of Japan, when it comes to regulating the cryptocurrency industry. Thailand has recently issued its very first licenses to four cryptocurrency exchange applicants.
The Security and Exchange Commission in Thailand has already granted four licenses to Bitcoin Co, Satang Corporation, Bitkub Oline Co ltd and Coins TH Co. The latter was given a license to operate as a cryptocurrency broker, while former three ones – as cryptocurrency exchanges.
Thailand seems to be easing the process for the cryptocurrency market to flourish in the country. However, not all applicants are given the green light. Two other exchanges, SouthEast Asia Ltd and Cash2Coins Ltd, were not granted licenses, as their applications were considered inadequate. Their operations will cease after January 14th. Some of the reasons why the applications were rejected is the lack of clarity regarding the KYC process proposed and the inappropriate IT infrastructure, as reported by Tech Crunch and Bangkok Post.
In addition to giving operational licenses to these applicants, Thailand also announced that it will be looking to loosen the ICO process in the country. Such a move can significantly boost the country’s position in the cryptocurrency market, especially when countries such as China and India are either banning cryptocurrency trading, or embracing the technology of blockchain, but staying away from digital coins.