Thailand Grants Licenses to Japan’s Bitherb to Operate Crypto Businesses

March 11, 2019

The Thai Securities and Exchange Commission (SEC) disclosed that it has granted four licenses to Japanese company Bitherb, a subsidiary of Remixpoint Incorporated, allowing the company to operate in Thailand.

The newly issued licenses will allow Bitherb to provide products and services relating to cryptocurrency to customers and traders in the country. Bitherb is licensed to function legally as a cryptocurrency exchange, a digital token exchange, a crypto asset broker, and a digital token broker. The announcement marks a major milestone in the country’s blockchain ecosystem, as Bitherb is the first-ever company to receive a digital token broker license from the Thai SEC.

Bitherb is a digital asset exchange with shareholders including Bitpoint Japan and Asia Herb Association Bangkok Ltd, which hold a 39.44 percent stake and 60.55 percent stake, respectively. President of Bitpoint Japan, Oda Genki, apart from overseeing the company’s business in Thailand, also runs operations in Hong Kong, South Korea, Taiwan, Malaysia and Panama.

Thailand has embraced blockchain technology as well as cryptocurrency. The Thai SEC has already granted licenses to three homegrown crypto exchanges — Bitcoin Exchange Co.Ltd, Bitkub Online Co. Ltd., and Satang Corporation — as well as to crypto asset broker Coins TH Co. Ltd.

Last month, the SEC launched a website with the aim of educating the general public about cryptocurrency, tokens, as well as risks involved in crypto investments under the name “Siang Soong,” which means “high-risk” in Thai.

SEC Secretary-General Rapee Sucharitakul said, “Digital assets are useful as funding tools, as well as a means to carry out transactions.” However, he added that these high-risk digital assets are meant for those who possess the necessary knowledge of the technology and these types of securities and are not for the general public looking to make investments.

Source: siambitcoin.com

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