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Amidst Thailand crypto wobble, SEC continues to ok exchanges

Thailand crypto
TL;DR Breakdown
  • Thailand crypto regulators approve four new crypto exchanges.
  • New exchanges, however, are subject to further checks before they begin operation.
  • How Thailand’s crypto market continues to surge.

Thailand Crypto regulators (Thailand’s Securities and Exchange Commission) has continued to license new crypto firms in the country despite woes faced by Zipmex, the country’s largest crypto exchange.

Thailand SEC according to local reports on Thursday granted operating licenses to four more digital asset operators in the wake of investigations on Zipmex after it froze withdrawals in July, citing “volatile market conditions.

Zipmex Thailand crypto crisis and beyond

Zipmex which is a Singaporean exchange but also dominant in Thailand, Indonesia among others is one of many crypto firms that was caught by the $2 trillion meltdown in value of digital tokens, and forced to either halt withdrawals or file for bankruptcy. Last month, Zipmex filed for a moratorium in Singapore court for protection from creditors against any lawsuits and to buy time to arrange a restructuring plan.

However, the embattled exchange has begun allowing users to withdraw some tokens from their trading accounts as last week, Thailand’s Securities & Exchange Commission ordered the firm to lift a freeze on some digital coins. Despite this, four new crypto exchange operators; Krungthai XSpring (KTX) – a broker, T-BOX (Thailand) – an exchange, Coindee – an advisor and fund manager, and Leif Capital Asset Management – a fund manager were licensed by Thailand SEC on Thursday.

However, the firms are yet to begin operating in the country as Thailand SEC would still have to inspect their operating system before they can fully open for business.

Thailand SEC and its tolerance for cryptocurrencies

Although the country’s Central Bank continues to push to restrict cryptocurrencies in the country, the military-backed government in Thailand continues to push otherwise. The military government has been tolerant of cryptocurrencies as reports have it that another major player is waiting to enter the burgeoning Thailand crypto market. Thailand crypto market surged almost 600% in early 2021 as the bull market was building momentum.

Gulf Innova and Binance Capital Management are looking to launch “Gulf Binance” and operate as an exchange and a broker.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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