Thailand Greenlights Seven Crypto Operators to Service Clients

Seven cryptocurrency businesses were approved by Thai regulators, Aug. 16, to legally conduct digital asset operations as part of the country's shift toward optimizing the local blockchain, ICO and cryptocurrency ecosystem.

According to the Thai SEC, seven businesses are allowed to pursue their business as legally-recognized operators immediately.

At the time, crypto businesses were allowed to serve customers during a 90-day period while awaiting their license application result.

Today, the elaborate, 100-section law book classifies all cryptocurrencies as "Digital assets and digital tokens," and brings the asset class under the Thai legal framework.

Previously, The Bangkok Post quoted the Thai Finance Minister Apisak Tantivorawong, who said the new regulations were not intended to cut down on crypto businesses or ICOs but were put in place to represent a framework for an optimal operating environment.

The Thai SEC has confirmed two additional digital asset exchanges have filed license applications under the "Transitional Provision," with authorities currently reviewing the documents.

After receiving an application, the Thai SEC spends three months reviewing, researching and authorizing submitted documents.

The Thai Finance Ministry is tasked with final approval, which is determined over a two-month period.

The Thailand government is fast adopting cryptocurrencies.

First reported by CryptoSlate, Aug. 5, the Bank of Thailand has allowed local banks to establish crypto-specific subsidiaries to deal in and issue digital assets, invest in crypto ventures and provide brokerage services.