Divisions are forming around Asia with respect to cryptocurrencies. Some countries like China are constantly stomping on anything to do with crypto assets but other people, Thailand being the newest, are opening their digital doors to the fledgling industry.
Thailand started out with a heavy handed way of cryptocurrencies proposing crippling taxeson trading and profiting from them. This might have no doubt spelled the end of the industry from the Kingdom before it even began. Backpedalling, Thailand's ruling junta, that has proved within its four decades of management to have limited knowledge of economics and business, fought the 15% tax in favour of greater regulation.
Several crypto exchanges and also blockchain startups filed for licenses in the Thai Securities and Exchange Commission and are waiting since August. The SEC allowed seven exchanges to continue working while it deliberated on official approval. That acceptance has arrived for four of these week because the SEC announced in an official statement.
According to the launch the SEC has approved the awarding of 4 digital advantage business licenses to the Ministry of Finance. Two have already been rejected and you is still pending acceptance.
Reasons for rejection included improper KYCprocedures and failure to satisfy cyber safety criteria as set out by the regulatory body. The Ministry of Finance has allowed these two businesses to continue to operate before January 14, 2019. Adhering to this date it has urged the organizations to move any electronic resources back to its customers and inform the SEC if they've done so. It didn't stop either company from re-applying to get a license once they fulfill the essential standards.
Due to a number of executive changes in the business that the SEC is still reviewing the specifics and the business may continue to conduct business at the present moment.
Over the past year Thailand has heated to crypto and this latest raft of official permits is a major boost to the business in the country and area as a whole. Military exemptions as well as the central bank remains wary which is no surprise and have issued warnings to shareholders. Overall though the opinion is positive and also an official ICO portal site has even been suggested from the SEC.