Japan's Bitherb Co. Ltd. Obtains License from Thai Regulators to Operate Four Crypto Businesses in the Region.
Crypto-friendly Thailand has granted Bitherb Co. Ltd., a subsidiary of the Japanese corporation, Remixpoint Inc., four cryptocurrency licenses to allow the firm operate in the region under the ambit of the law, according to reports on February 23, 2019.
Bitherb Gets Thai regulators' Approval.
Per sources close to the matter, Bitherb Co. Ltd, a subsidiary of Remixpoint point, a highly reputed Japanese corporation which is also in charge of licensed Japanese exchange, Bitpoint, has been granted four licenses by Thailand's authorities, to enable it to launch operations in the state.
Accordingly, the Thai Securities and Exchange Commission (SEC), the nation's financial regulator, has confirmed the news on its website.
Bitherb to Offer a Vast Array of Crypto-linked Services
Despite the slump in the price of bitcoin and other distributed ledger technology (DLT) powered cryptoassets, it's worth noting that demand for these nascent digital assets as well as blockchain technology adoption has not waned at all.
Specifically, with the new licenses, Bitherb can now offer its Thai clients a vast array of crypto products and services.
Bitherb will now function legally as a cryptocurrency exchange, a digital token exchange, a crypto asset broker and a digital token broker. This puts the name of Bitherb into the Thai history books as the first company to secure a digital token broker license from the Thai SEC.
Thai SEC Working Hard to Sanitize its Cryptospace
Despite Thailand's liberal stance towards bitcoin and other digital assets, the nation has had its fair share of crypto-related thefts and hacks.
Against that backdrop, the country enacted amenable laws for its cryptospace in May 2018, officially opening its doors to crypto related firms.
Notably, after implementing its cryptocurrency guidelines, the Thai SEC granted licenses to three crypto exchanges and one broker dealer in the state. The approved exchanges Bitcoin Exchange Co.Ltd (Bx), Bitkub Online Co. Ltd. (Bitkub), and Satang Corporation (Satang Pro), while the approved broker-dealer is Coins Th CO. Ltd.
Interestingly, the regulator also rejected the applications of two crypto exchanges, Cash2coin Co. Ltd. and Southeast Asia Digital Exchange Co. Ltd.
“The applicants failed to meet the standards and the approval criteria regarding critical work systems,” declared SEC at the time.
The SEC claimed that the exchanges had no proper Know-your-customer (KYC), anti-money-laundering (AML) and other essential infrastructures. In a bid to enlighten the masses about the risks involved in crypto investments, the Thai SEC recently launched a website called “Sing Soong,” which means “high risk.”
“Digital assets are useful as funding tools, ” said Rapee Sucharitakul, Secretary-General of the Thai SEC, adding that it is however essential for people to understand the risks involved.