Japan and Thailand are quickly become the home of cryptocurrency exchanges as evident from the many government incentives meant to offer the best working environment to crypto traders. The increase in the number of cryptocurrency users is one of the factors that encourage the exchange platforms to set up camp in the country.
Four Cryptocurrency Exchanges Licensed in Thailand
Thailand government is keen on making sure that its citizens also benefit from the growing and lucrative cryptocurrency industry. Reports indicate that four cryptocurrency exchanges have finally been licensed to operate in the country.
The four cryptocurrency exchange platforms are:
- Satang Pro
The license will significantly help the platforms to increase their operations in the country. Crypto traders, as well as institutional investors from not only Thailand but also Japan and other countries, will also invest in them to enhance their growth.
It is also reported that Coin Asset, another cryptocurrency exchange that is eying this market has also applied for a license. , and the company is optimistic that they will be approved.
However, not all platforms that apply for a license are approved. Two other cryptocurrency exchanges, Cash2Coins, and Southeast Asia Digital Exchange failed to meet the set requirements, and the regulator rejected their application. They were directed to seize offering services in the country by the end of this month.
The two exchanges are also obliged to notify all their clients about the shutdown to cushion them from any loss. The notification will also give them ample time to move all their digital assets from the platform to other licensed exchanges.
One of the leading news outlets in the country, Bangkok Post recently reported that the two cryptocurrency exchange platforms applications were rejected because they did not provide adequate information about their IT infrastructure and KYC processes.
Thailand Positioning itself to Attract More Blockchain Projects
The entire Asia Pacific region has become an ideal hub for blockchain technology and crypto activities. The licensing of the two exchanges is proof that the country is gearing up to attract more blockchain projects.
The licensing is also a sign that the government is moving towards fully legitimizing the industry, but it is also keen on ensuring that all crypto businesses operating in the country adhere to the set standards and regulations.
The founder of one of the cryptocurrency exchanges that was licensed, Bitkub, Jirayut Srupsrisopa, told TechCrunch in a recent interview that the company has no objections to collaborating with financial institutions, e-wallet providers, and other companies offering financial products to promote the growth of the industry.
Finally, China is not receptive to cryptocurrencies and has put in place stringent measures that make it almost impossible for crypto companies to do business there. As a result, a majority of companies are moving to Thailand due to the lenient but still essential regulations that are meant to safeguard the industry. Get more informative cryptocurrency news here.