The Thai government has issued four licenses for a new crypto exchange. Previously, only existing exchanges that were in operation before the country’s crypto regulation came into force were approved. The first licensed new exchange in Thailand is a subsidiary of the regulated Japanese exchange Bitpoint.
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New Crypto Exchange license
Japanese company Remixpoint Inc. announced on Thursday that its Thai subsidiary Bitherb Co. Ltd. has received four different crypto-related licenses to operate in Thailand. The announcement is consistent with the information on the Thai Securities and Exchange Commission (SEC) website. Remixpoint also operates Bitpoint Japan, one of 17 government-approved Japanese exchanges.
With the new licenses, Bitherb can legally act as a crypto asset exchange, digital token exchange, crypto asset broker and digital token broker. It is currently the only company licensed as a digital token broker in the country.
A representative from Bitpoint Japan told news.Bitcoin.com:
Bitherb has licenses but will commence operations within 180 days of the purchase of the license (through July 30, 2019) upon inspection of the company by the SEC.
Bitherb is a crypto exchange and management company operated by Bitpoint Japan and the Asia Herb Association Bangkok Co. Ltd. was co-founded. The latter owns 60.5552 percent of Bitherb while the former owns 39.4446 percent. Bitpoint Japan’s President, Oda Genki, is also serving as an executive officer of the new Thai entity. Bitpoint also operates in other countries, including Hong Kong, South Korea, Taiwan, Malaysia and Panama.
The Thai SEC’s website lists all of the companies that have been approved to operate crypto companies in Thailand. The country passed its crypto regulation in May, then approved four companies that were in business before the regulation went into effect. Two companies were rejected.
So far, companies have been granted licenses in five categories: exchange of crypto assets, exchange of digital tokens, brokers for crypto assets, brokers for digital tokens and traders for crypto assets. Four companies have been approved to operate crypto asset and digital token exchanges: Bitcoin Co. Ltd., Bitkub Online Co. Ltd., Satang Corp. Co. Ltd. and now Bitherb. Coins Th have been granted licenses to operate as a crypto asset broker. Co. Ltd. and Bitherb. In the meantime, only Bitherb has been approved as a broker for digital tokens and only Coins Th as a trader for crypto assets.
Licenses Bitherb obtained from the Thail SEC and the Treasury Department.
The Thai SEC last month launched a website called “Siang Soong,” which means “high risk”, to educate the public about cryptocurrencies and tokens. Rapee Sucharitakul, secretary general of Thailand’s SEC, said, “Digital assets are useful as a financial tool … and as a medium of exchange.” However, he added that it is a high risk asset that is for those with a knowledge and understanding of technology, not necessarily for general investors.
Editor’s Note (February 25, 2019): This article has been updated with a comment from a representative of Bitpoint Japan.
What do you think of Bitpoint receiving four different crypto licenses for operation in Thailand? Do you think there will be many more exchanges to come? Let us know in the comments below.
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