Securities and Exchange Commission (SEC) of Thailand, which is the regulatory State, has announced the approval of a total of seven companies cryptocurrency to carry out business activities in the currency market as part of the crypto formalisasi national market. The announcement was published on the official web site of the SEC on August 16, 2018.
When commenting on the essence of the agreement, Mr. Rapee Sucharitakul, who is the Secretary General of Thailand's securities and Exchange Commission (SEC), said that:
"Investing in high-risk digital assets, those interested to invest should have knowledge and be able to take the risk of losing money. And in the case of persuading people to invest, investors should check if the business is registered as listed by the SEC. When not on the list and would like to operate the digital asset, then the business can apply for a license to the SEC and be able to do business only if licensed by the Minister of finance. "
SEC Thailand confirm authorization of exchange of crypto and company ICO i.e. Bitcoin co. Ltd. (BX), Online Bitkub co. Ltd., Cash2coins co. Ltd., Group co. Ltd. (TDAX), and Coin Asset co. Ltd. Which implies that they have been approved with rights not reserves the right to operate as a legitimate cryptocurrency exchanges with jurisdiction over its market, currency traders two crypto redirected as well as Coins TH co. Ltd. and Digital Coin co. Ltd. (ThaiWM).
SEC Thailand explained that the agreement is part of the project "transition" rules that govern business activities related crypto in Thailand. Apparently, the first phase of the regulation already took effect on May 14 this year.
When carrying out supervisory functions provide directives to the company to begin operating even though they will be mandated to wait the full license by simply notifying the Securities and Exchange Commission Thailand within 90 days. Provide an explanation of the two companies have not been approved, the SEC stated that:
"In addition, the SEC is currently reviewing data from two other digital assets of the operator has submitted an application under the provisions of the transition."
SEC Thailand also has revealed sometimes he also puts a massive interest from prospective issuers Initial Coin Offering (ICO) in applying for the legal authority to operate in the country.
Despite the staggering amount of about 50 prospective cryptocurrency project has come to lobby approval there and the fact that the regulators have previously outlined the prerequisites must be met to consider their new approved. However, only five applicants have met the prasyaratan that has been further translated into initial approval.
On May 14, 2018, the ACT of management, BE 2561 enacted and by default become part of the legal framework of the State (though until the day scheduled to apply), which allows digital asset holders to actively participate before date underlined legislation scheduled to apply in full.
EmoticonEmoticon