BitHerb Co. Ltd., a subsidiary of Japanese corporation Remixpoint Inc., procured four different cryptocurrency-related certifications, cryptographic asset exchanges, digital token exchanges, cryptographic asset brokers, and digital token brokers, to legally initiate its operation in Thailand. The exchange will launch its operation in the Thai capital by April.
The crypto exchange BitHerb was collectively established by the Japanese exchange Bitpoint [which is also operated by Remixpoint] and Asia Herb Association Bangkok Co. Ltd. Bitpoint, which holds 39.45% of BitHerb, has its operations spread across South Korea, Panama, Taiwan, Hong Kong, and Malaysia.
After receiving the license from Thailand’s SEC and the finance ministry, BitHerb is the only firm to have been granted the trading permit as a digital token broker in the country. The crypto asset exchange will reportedly trade in five digital assets pairs, including Bitcoin [BTC] and XRP.
Out of the five categories in which licenses have been issued for the crypto asset exchanges in the country, only four companies have been permitted to function as a crypto asset broker and a digital token exchange. They are Bitcoin Co. Ltd., Bitkub Online Co. Ltd., Satang Corp. Co. Ltd. and now, Bitherb.
Prior to this development, two crypto exchanges were rejected licenses by Thailand’s regulatory Securities and Exchange Commission (SEC) after ‘failing to meet the criteria regarding important work systems’. This subsequently led to their shut down.
The Thai cabinet validated the Digital Asset Management Act BE 2561 in March last year. Under the amended Revenue code No. 19, a 15% tax on crypto profits were announced.
In light of the latest licensing news, a Twitter user, @arokia26, commented:
“Slowly but steadily the crypto is picking up. Believers stay and you will see crypto’s will transform the way busy is done and the way macro economics is managed.”
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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.