According to a statement released on the 8th of January by the Securities and Exchange Comission of Thailand, 4 digital asset business licenses have just been approved.
Although 2 license applications were rejected and one case is still being processed, the approval of 4 new exchange licenses is already a positive development. Bitcoin Company Limited, Bitkhun Online Co. and Satang Corporation Limited will be licensed as digital assets trading centers, meanwhile Kripo Kurren C. will be licensed as a broker and trader.
According to the press release, the reasons for denying the license approval for the other 2 exchanges were due to lack of compliance with KYC procedures and also insufficient cybersecurity measures.
The latest news signifies an important change of attitude from Thailand’s SEC, after they issued a warning last November about the unclear legal registration of several local exchange platforms.
It would appear as if, by granting a quick approval to their registration requests, the Thai SEC is trying to convince more crypto businesses to engage with compliance as a mechanism to avoid fraud.