Thai SEC approves four crypto firms despite Zipmex woes

Thai regulators are still approving crypto companies despite one of the largest suspending withdrawals.

Thailand's financial regulator, the Securities and Exchange Commission (SEC), has approved four more crypto companies in the Kingdom.

On August 4, local media reported that the SEC had granted operating licenses to four more operators of digital assets.

These include Krungthai XSpring, a crypto broker affiliated with one of the country's major banks, and crypto exchange T-BOX Thailand. Crypto advisor and fund manager Coindee and Leif Capital Asset Management, which also manages funds, also won regulatory approval.

However, the four companies have not yet started operations, as the regulator has yet to inspect their operations.

Thailand now has 21 fully regulated digital asset operators, comprising nine exchanges, nine brokers and three fund managers. Thailand's military-backed government has been largely tolerant of cryptocurrencies despite central bank efforts to restrict them.

The report notes that another major player is waiting to enter the booming Thai crypto market. Gulf Innova and Binance Capital Management aim to launch jointly owned crypto exchange and brokerage "Gulf Binance".

Crypto volumes in Thailand jumped nearly 600% in early 2021 as the bull market gained momentum.

Related: After Weeks of Rumors, Thai Cryptocurrency Swaps Zipmex Files for Singapore Debt Relief

The move comes amid turmoil over Singaporean exchange Zipmex, which also operates in Thailand. At the end of last month, Zipmex Thailand suspended withdrawals for customers in the country using its "Z Wallet". Shortly thereafter, the SEC launched a hotline for Zipmex clients to submit details of their losses.

On August 1, the SEC launched a...