Thai Finance Ministry Awards Licenses to 4 Crypto Firms, Rejects 2

Thailand's Ministry of Finance has granted digital asset business licenses to four crypto firms, while rejecting two others.

AccessTimeIconJan 10, 2019 at 12:05 p.m. UTC
Updated Sep 13, 2021 at 8:47 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Thailand's Ministry of Finance has granted digital asset business licenses to four crypto firms, while rejecting two other applications.

The news was announced Tuesday by the country’s Securities and Exchange Commission (SEC), which clarified that crypto businesses are regulated under the “Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).

The four firms receiving licenses include three crypto exchanges, Bitcoin Exchange, Bitkub Online, Satang Corporation (Satang Pro), and one crypto broker-dealer Coins TH Co., the SEC said.

Failing to win a license were Cash2coin and Southeast Asia Digital Exchange (SEADEX). The regulator said the two firms had not met the required standards – for example, custody systems and know-your-customer (KYC) processes were “inconsistent” and the effectiveness of their cybersecurity systems could not be verified.

As a result, Cash2coin and SEADEX will have to cease business operations by Jan. 14, and have been told to return clients’ assets under their custody, the SEC said. The firms can, however, reapply for the license provided the approval criteria are ultimately met.

Meanwhile, the SEC is still considering another application from a firm called Coin Asset. The company has made some executive changes which the SEC considers “material information” for license consideration. Until a decision is made, Coin Asset is permitted to carry out business operations.

Thailand first announced its crypto licensing rules in July of last year, with 20 crypto firms applying for the license within a month. The rules require projects that intend to offer crypto services to gain approval from the SEC before starting operations.

Thai baht coins image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.