Thailand, which has been on the agenda with its recent progress in the field of crypto money, has licensed 13 crypto money providers, including stock exchanges and brokers.
In the kingdom-ruled country, the cryptocurrency industry is regulated by the Digital Asset Business Royal Decree. The crypto money sector in the country previously; The digital asset exchange was divided into 3 categories: digital asset brokerage and digital asset sellers.
Tai Securities Exchange Commission (SEC) had licensed 5 exchanges in the past, namely Botanub, BX, Satang Pro, Huobi Thailand and Zipmex. Finally, ERX was added to these and the number increased to 6.
Token and cryptocurrency are different
The royal decree also distinguishes between cryptocurrency and digital token. Crypto coins; Whereas it is seen as a means of exchange for the acquisition of goods, services or other rights, digital tokens are shown as assets that determine the individual’s right to participate in a project, business or investment. Tokens are also; it can only be used to obtain goods, services or rights only if there is a certain agreement between the buyer and seller.
Only those who are exclusively licensed from ERX from these exchanges all have permission for both digital token and cryptocurrency. The BX stock market, on the other hand, stopped trading on September 30 last year. The company is currently in the process of giving back its license.
ICOs are also allowed
On the other hand, Thailand also regulates ICOs (Initial Coin Offerings) through portals. The Royal Decree describes the ICO portal as an “electronic system provider to facilitate the presentation of newly released digital tokens”.
Longroot, T-box, SE Digital and Bitherb are 4 ICO portals licensed in the country…
Crypto exchanges, brokers and ICO portals are considered financial institutions under the Thai Money Laundering Act.