Thai SEC approval on cryptocurrency businesses — Thai Blockchain Association
From last May 2018, Ministry of Finance has decided to regulate cryptocurrency businesses in Thailand, including Exchange, Dealer/Broker, ICO, and ICO portals under Thai’s SEC provisioning, where seven existing businesses including Exchange and Dealer/Broker allow to operate under temporary provisioning period of 90 days or upon suspension request.
Along the way, there are numbers of meeting with relating parties between Anti-Money Laundering Office (AMLO), Revenue Department, and Thai Securities and Exchange (SEC) Commission. The challenge of each party including with:
- Anti-Money Laundering Office: Following similar requirement for financial institution in non-bank category collaboration
- Securities and Exchange Commission: Capital registration starting from 25–50 million THB, which considering a huge entry barrier for ICO startup.
- Revenue Department: 15% withholding tax is charged on the capital gain. However, gain and loss calculating criteria remain unclear.
It has been almost 8 months since the first announcement. First batch of cryptocurrency relating. businesses license has been released by the Ministry of Finance for 4 companies as follow:
Exchange license
- Bitcoin Co., Ltd (www.bx.in.th)
- Satang Co., Ltd (Satang.pro)
- Bitkub Online Co., Ltd (bitkub.com)
Broker/Dealer
- Coins TH Co., Ltd (www.coins.co.th)
However, for businesses that failed to comply with “Royal Decree on the Digital Asset Businesses B.E. 2561” would be able to operate until 14th January 2019, and transfer all asset to the customer or upon customer request along with crypto asset report to SEC.
SEC mentioned further that the disapproval did not include future request, these companies can reapply for the license once they are ready.
