Coin Asset denied licence

The Finance Ministry has denied an operating licence for a digital asset exchange to Coin Asset Co, Ltd (coinasset.co.th), saying the company’s system does not meet the Securities and Exchange Commission’s (SEC) standard. Three of the four directors responsible for major systems resigned, and the company’s main systems including keeping customer assets and Know Your Customer (KYC) records do not meet standards accepted by the SEC, said an SEC statement. Following the rejection, Coin Asset is able to operate a digital asset exchange business until Jan 21, it said. The ministry has authorised operating licences for four digital asset businesses, and denied licences for two firms seeking to become authorised exchanges. The three businesses approved as authorised digital asset exchanges are Bitcoin Co (bx.in.th), Bitkub Online Co Ltd (bitkub.com) and Satang Corporation Co Ltd (satang. pro), while Coins TH Co Ltd (coins.co.th) has been approved as a licensed broker and dealer of cryptocurrencies.