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Thailand's New Rules Help Securities Companies Launch Crypto ExchangesCryptocurrencies accepted here.

 ▹ Crypto News - Selected / Posted 2 months ago / 58 views

Thailand has reportedly revised its net capital rules which help securities firms launch cryptocurrency exchanges. The country now has 15 licensed crypto service providers.

New Thai Rules and Crypto Exchanges

The Thai Securities and Exchange Commission (SEC) has revised its net capital (NC) rules which help securities companies provide crypto services, the Bangkok Post reported Wednesday.

“The revised NC rules are expected to help free up liquidity for securities firms that plan to enter new business such as open digital or cryptocurrency exchanges,” the publication conveyed, adding that some securities companies have consulted with the SEC to launch a cryptocurrency exchange.

Securities companies operating crypto businesses will be allowed to calculate the net capital funds with the value of these cryptocurrencies. “The maximum amount calculable for digital assets to a firm’s NC is 50% of the asset value,” the publication noted. The new rules will also count crypto assets as capital funds.

For securities companies that operate crypto businesses and stores crypto assets for their customers, the rules require them “to maintain more than 1% of the cold wallet’s capital funds (offline system) and 5% of the client’s assets stored on another system (hot wallet or online system).” For crypto companies that do not provide crypto custody service, “the NC requires shareholders’ equity to be over 500,000 baht [$16,469].”

15 Crypto Firms Approved

The Thai Royal Decree on the Digital Asset Businesses B.E. 2561 regulates the cryptocurrency sector in Thailand. It categorizes crypto businesses into three types: “digital asset exchange,” “digital asset broker,” and “digital asset dealer.” There is also a separate category for initial coin offering (ICO) portals.

A total of 15 cryptocurrency service providers have been licensed to legally operate in the country, according to the Thai SEC’s website. Some companies have received more than one license.

Eight companies are licensed to operate digital asset exchanges: Bitkub, BX, Satang Pro, Huobi, ERX, Zipmex, Upbit, and Z.com Ex. Five companies are licensed to act as digital asset brokers: Coins TH, Bitazza, Kulap, Upbit, and Z.com Ex. Four companies are approved to operate ICO portals: Longroot, T-box, SE Digital, and Bitherb.

What do you think about Thailand’s crypto regulation? Let us know in the comments section below.

 

  • As of: : Nov 20, 2020
  • 🟢 THIS ARTICLE HAS BEEN PUBLISHED FROM A WIRE AGENCY FEED : WITHOUT MODIFICATIONS TO THE TEXT.
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