Japan's Bitherb Obtains License from Thai Regulators to Operate Four Crypto Businesses in the Region

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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Ogwu Emma
Ogwu Emma
Ogwu Osaemezu Emmanuel is a blockchain analyst with several years of experience in the cryptospace. He writes regularly for several leading cryptocurrency platforms

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,478FansLike
2,795FollowersFollow
4,200FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Market Wrap: Bitcoin Never Going to Zero, Philanthropist Giving Away Money to Buy BTC

This week, the price of bitcoin moved, although it continues to trade in a tight range and is still hovering around $9,200 on low...

Bearish Catalysts for Bitcoin Price

This week, Bitcoin is ranging between $9,050 and $9,500. Currently, we are trading just above $9,200 after yesterday, Bitcoin’s price dropped $150 in seconds...

The Good and Bad of the Crypto Going Public

This week, big news came in the form of crypto businesses that are planning to go public either later this year or next year. Crypto...

US Secret Service Has Modernized Its Role in Tackling Financial Crimes in The Crypto Era

The role of the US Secret Service, whose purpose extends from protecting the US President Trump to protecting the US financial systems, has...

Bitcoin is in a ‘Consolidation Zone,' We’ll Move to $14,000 Once BTC Gets Above $10k: Mike Novogratz

Bitcoin is about system change, said Mike Novogratz, CEO of Galaxy Digital, in his latest interview with Barron’s Carleton English. While talking about the catalysts...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today