There is one region of the world that has not been too open to cryptocurrency, and it’s a very important one. Specifically, Asia includes the two most populous countries in the world, China and India, one of which is already considered a superpower, while the other is considered an “emerging superpower”.
However, China has cracked down on cryptocurrency and initial coin offerings (ICOs), while India has not been receptive to the space either. However, it appears that Thailand is taking a different route.
Thailand Greenlights Exchanges
One way of determining whether a country is open to cryptocurrency is to find out about whether there are cryptocurrency exchanges are operating there. For example, Binance, the world’s largest cryptocurrency exchange by daily volume, had to focus outside of China when the country started cracking down on the sector. In fact, many believe that it was this adaptability that led to its immense success.
The Securities and Exchange Commission (SEC) of the country has granted four operating licenses to various cryptocurrency exchanges. These cryptocurrency businesses include Bitcoin Co, Bitkub Online Co Ltd, and Satang Corporation Co Ltd, which were given licenses to operate as cryptocurrency exchanges. Another business, Coins TH Co Ltd – was given a license as a cryptocurrency broker/dealer.
Companies Turned Down
Of course, this does not mean that every company who applied was allowed a license. Two other exchanges by the name of Cash2Coins Ltd and SouthEast Asia Ltd were denied, and their applications were determined to be inadequate.
The Finance Ministry will still allow these two companies to operate until January 14th, giving the company enough time to notify its customers. However, by the 14th, they are expected to terminate all cryptocurrency business. Another exchange by the name of Coin Asset Co is still awaiting approval, but can continue operating.