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Thai SEC Gives Operating Licenses to Four Crypto Companies

Thai SEC Gives Operating Licenses to Four Crypto Companies

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Zipmex’s downfall doesn’t seem to be deterring Thailand’s financial regulators from approving new crypto companies.

The Securities and Exchange Commission (SEC) of Thailand is granted an operating license to four crypto companies.

By article published by the Thai Enquirer, the SEC handed over operating licenses to the crypto exchange T-BOX Thailandtwo management companies Leif Capital Asset Management and Coindee. Finally, approval was given to the crypto broker Krungthai XSpringwhich is associated with one of Thailand’s leading banks.

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The article also states that despite obtaining licenses, companies are “Still getting started”. Before it fully enters the market, the SEC must review its “operating system” and gives permission to open its business completely.

The Thai government seems to be quite enthusiastic about crypto. Currently, Thailand has issued 21 digital asset operator licenses to three fund managers, 9 exchanges and 9 brokers.

However, the list will soon expand, e.g another major player is waiting its turn to join the growing market. Gulf Innova and Binance Capital Management are planning to launch their joint project “Gulf Binance”, which will act as a crypto exchange and brokerage.

In other news, the Securities and Exchange Commission of Thailand has continues to explore Singapore-based crypto exchange Zipmex. Back in July, the company announced halting the withdrawal, blaming “volatile market conditions”.

Shortly thereafter, the SEC created a special form to the relevant investors. When Zipmex was filing The SEC began investigating whether Zipmex violated trading rules by suspending withdrawals to protect against legal action from creditors.

On August 2, the SEC ordered Zipmex to resume its withdrawals. On August 3, Zipmex took action and continued withdrawals Sunshine (SUN) and Ripple (XRP).

Gile K. - cryptanalyst

by Gile K. – Crypto Analyst, BitDegree

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