The government of Thailand has given four licenses to a new cryptocurrency platform. Before, only exchanges which had already been in business in Thailand were issued licenses. This initial license provided to Bitherb, is a new exchange which is part of Bitpoint, a regulated Japanese exchange.
License Issued for New Crypto Exchange
On Thursday, Japanese-based Remixpoint Inc. shared that Bitherb, the company’s Thai subsidiary, has been issued four crypt-related licenses. These licenses allow the company to do business in Thailand. This information aligns with an announcement posted on the Thai Securities and Exchange Commission (SEC) website. Remixpoint also manages Bitpoint Japan, which is one of 17 different Japanese exchanges with government approval.
By obtaining these new licenses, Bitherb can now operate as a crypto platform legally in Thailand. It can also act as a digital token broker, a crypto asset broker, and a digital token exchange. As of now, Bitherb is the only business in the country authorized as a digital token broker.
Bitherb is a cryptocurrency management and exchange company which was founded by both Asia Herb Association Bangkok Co. and Bitpoint Japan. Bitpoint Japan’s president, Oda Genki, is also an offer on the new Thai exchange. Bitpoint has operations in other nations including Panama, Malaysia, Taiwan, South Korea, and Hong Kong.
Listed on Thailand’s SEC site are all companies which have received approval to do crypto-related business in the country. In May the country implemented its crypto regulations and gave four companies which had already been in business approval as a result.
The licenses distributed to companies have been given in five distinct categories: crypto asset dealers, crypto asset brokers, crypto asset exchanges, digital token exchanges, and digital token brokers. Four businesses have received approval to do business as both digital token exchanges and crypto asset exchanges: Satang Corp. Co Ltd, Bitcoin Co. Ltd, Bitkub Online Co. Ltd, and now Bitherb.
Both Coins Th. Co. Ltd. and Bitherb have been given licenses to do business as a crypto asset broker in the country. However, Bitherb is the only company given the approval to operate as a digital token broker while Coin Th is the only one authorized as a crypto asset dealer.
Last month, Thai SEC kicked-off a website it calls “Sian Soong.” This means ‘high-risk’ which is an effort to help provide knowledge to the public about tokens and cryptocurrencies in general. The Thai SEC Security-General has stated, “Digital assets are useful as funding tools…and as a medium of exchange.”
However, he was also quick to note that cryptocurrencies are a high-risk asset which is best suited for those with the understanding and knowledge of the technology. It is not for those looking to do general investing.