Q Exchange to Open
The launch of cryptocurrency regulations spurred a significant rise in the number of companies venturing into Thailand’s cryptocurrency market. However, most of these companies are yet to receive approval from the Thai Securities and Exchange Commission (SEC). Because of this, the agency recently issued warnings against unapproved operators. Additionally, even the Financial Industry Regulatory Authority (FINRA) is aggressively going through the records of trading exchanges in the crypto space. Recently FINRA charged the CEO of Rocky Mountain Ayre Inc. (RMTN), for unlawfully distributing unregistered securities.
According to a report Q Exchange is currently promoting its services in the country. The exchange is planning to open the first virtual currency bank in the country. Its long-term goal is to become the crypto-exchange hub of ASEAN countries. The general manager of the company stated, “The goal is to open exchange branches nationwide of more than 30 branches in 2018 and increase to 70 branches in 2019.” Coin25, a cryptocurrency exchange from South Korea recently announced setting up of a subsidiary in Bangkok. Currently, the platform operates 60 plus branches in Laos and Thailand.
Corexfly another company in the country planned to launch an exchange in Thailand in August. According to the website of the company, it concluded an agreement with the Korean exchange B&C for establishing Dabit exchange in the country. The Thai SEC revealed that Mrc Biz Ltd. is also aggressively promoting an initial coin offering (ICO) in Thailand. To top it all, the two largest cryptocurrency exchanges in South Korea, Upbit and Bithum recently announced their plans of opening exchanges in the Thai market.
Thai SEC Crypto Regulations
The cryptocurrency regulations of Thailand make it mandatory for the companies operating in the crypto space to acquire approval from the SEC. So far only six crypto exchanges and one dealer have gained temporary approval. Furthermore, applications for other exchanges are under review. These six exchanges include Coin Asset Co. Ltd., Bitkub Online Co. Ltd, Bitcoin Co. Ltd. (Bx), Southeast Asia Digital Exchange Co. Ltd. (Seadex), Cash2coins, and the Satang Corporation (Tdax). As of now Coins Th. is the only company receiving temporary approval for operating as the virtual currency dealer. However, SEC is yet to approve any grants to new token issuers or exchanges.
The SEC continues to issue warnings against the illegally operating crypto tokens and businesses. Recently it issued warnings against nine unauthorized tokens including Db Holdings Plc. All these developments in the crypto space indicate that crypto industry in Thailand is growing. Accordingly, if investors wish to play it safe they should only trade on the exchanges approved by the Thai SEC.