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Thailand's Securities Exchange Comission Clears Seven Crypto Exchanges for Operation

Aug 17, 2018, 10:14AM
1 min, 11 sec READ

Thailand’s SEC has authorized seven companies to operate as crypto exchanges as the country opens up to cryptocurrencies.

The Securities and Exchange Commission of Thailand announced it has authorized a total of seven companies to legally operate in the country as cryptocurrency exchanges, including five crypto exchanges and two dealers. An extra two companies are still waiting for the SEC’s verdict and are currently under evaluation.

This announcement represents the latest of a series of efforts by the Thai government to open the nation to cryptocurrencies and stay competitive before other financial giants in the region that are warming up to crypto, like Singapore and South Korea.

The authorized exchanges so far are Cash2coins Co. Ltd., Satang Corporation (Tdax), Bitcoin Co. Ltd. (BX), Bitkub Online Co. Ltd., and Coin Asset, while the dealers are Digital Coin Limited (Thai WM), and Coins TH Co. Ltd.

Earlier this month, the Central Bank of Thailand rolled back its decision to prohibit businesses from using cryptocurrencies and published a new set of policies. Also, the Thai SEC recently approved a new regulatory framework for initial coin offerings, and selected only seven cryptocurrencies that can be used for trading pairs by national companies including Bitcoin, Ether, Ethereum Classic, Bitcoin Cash, Ripple, Stellar and Litecoin.

So far, the Thai SEC has approved a 15% capital gains tax on all crypto-related gains that is not being enforced yet, and has decided to waive a previously approved 7% VAT on all trades, after receiving negative feedback from the business community.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.