Thailand’s SEC Has Approved Four Cryptocurrency Companies

The Securities and Exchange Commission (SEC) of Thailand has accepted 4 additional crypto firms to operate within the jurisdiction. On 4th August, the local media reports pointed out that the securities regulator had provided the operating licenses to 4 operators of the digital assets.

Thailand’s Securities Regulator Approves 4 Crypto Platforms

The companies (to which the operating licenses have been offered) take into account T-BOX Thailand (a crypto exchange) as well as a crypto brokerage firm “Krungthai XSpring” which is associated with the country’s leading bank. The other approves entities include Coindee (a crypto fund manager and advisor) along with Leif Capital Asset Management (also an Asset Manager).

The respective four platforms have not yet started their activities, nonetheless, there is even now a requirement for the regulator to examine the respective activities. At the moment, there are up to 21 completely regulated operators of digital assets including 9 exchanges, 3 fund managers, and 9 brokers. The military-backed government of Thailand has been majorly tolerant in terms of cryptocurrencies notwithstanding the endeavors of the central bank to stop them from doing so.

The report mentioned that another prominent player even now awaits to be a part of the skyrocketing crypto market of Thailand. Binance Capital Management and Gulf Innova intend to introduce the collaboratively operated crypto brokerage and exchange venue “Gulf Binance.” An elevation of up to 600% has been witnessed in Thailand’s crypto volumes during the initial months of the previous year and the momentum was being maintained by the bull market of crypto.

Zipmex Confronts Severe Challenges and Regulatory Pressure

The current move takes place during a tumult dealing with Zipmex (an exchange based in Singapore) that additionally runs in Thailand. In the recent month, withdrawals were suspended by Zipmex Thailand for the consumers within the jurisdiction with the utilization of ‘Z Wallet.’ Just after, a hotline was introduced by the SEC for Zipmex clients to provide details regarding their losses.

On 1st August, an investigation was initiated by the SEC on Zipmex, asserting that the firm may have infringed trading rules through the suspension of the withdrawals. It disclosed that the platform referred to inappropriate causes for its moves. The securities regulator instructed the company to restart its trading services. Subsequently, on 3rd August, withdrawals for Ripple (XRP) and Solana (SOL) were resumed by Zipmex.

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