Thailand’s SEC Has Issued Licences to Four Crypto Companies

Thailand’s SEC Has Issued Licences to Four Crypto Companies

Zipmex's downfall doesn't seem to be stopping Thailand's financial regulator from approving new crypto companies. 

Thailand’s Securities and Exchange Commission (SEC) has issued an operating approval to four crypto companies

According to the article published by Thai Enquirer, SEC handed operating licenses to crypto exchange T-BOX Thailand, two fund managing companies Leif Capital Asset Management and Coindee. Lastly, the approval was given to crypto broker Krungthai XSpring, associated with one of the leading banks in Thailand.

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The article also notes that despite getting licenses, companies are “yet to begin their operation”. Before fully stepping into the market, SEC will have to inspect their “operating system” and give the approval to fully open up their business.

The Thai government seems to be quite keen on crypto. Currently, Thailand has issued 21 digital asset operator licenses to 3 fund managers, 9 exchanges, and 9 brokers. 

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

In other news, Thailand’s Securities and Exchange Commission is continuing its investigation of Singapore-based crypto exchange Zipmex. Back in July, the company announced the suspension of withdrawals, blaming “volatile market conditions”. 

Shortly after that, the SEC created a specialized form for affected investors. While Zipmex was filing for bankruptcy protection against legal action from creditors, SEC started to investigate whether or not Zipmex violated trading rules by suspending withdrawals. 

On August 2nd, SEC ordered Zipmex to resume their withdrawals. On August 3rd, Zipmex took action and renewed withdrawals of Solana (SOL) and Ripple (XRP).

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree