Thailand has been growing the number of licensed cryptocurrency service providers. The Thai regulators have now approved 13 crypto businesses to legally operate in the country, including cryptocurrency exchanges, brokers, and dealers.
The Royal Decree on the Digital Asset Businesses B.E. 2561 regulates the crypto sector in Thailand. It categorizes digital asset businesses into three types: “digital asset exchange,” “digital asset broker,” and “digital asset dealer.”
The Thai Securities and Exchange Commission (SEC) has approved six digital asset exchanges so far. They are Bitkub, BX, Satang Pro, Huobi Thailand, ERX, and Zipmex. The newest approved exchange was ERX.
The Royal Decree also distinguishes between cryptocurrency and digital token. Cryptocurrencies are “created for the purpose of being a medium of exchange for the acquisition of goods, services, or other rights,” the SEC detailed. Meanwhile, digital tokens are created “for the purpose of specifying the right of a person to participate in an investment in any project or…