Is Coin Asset Co. Ltd confronting or chasing Thais SEC’s licence?

There has been an unusual evidence of fair practice trading or investment in Thailand on the back of the licenses being issued to four cryptocurrency businesses by the Thai Ministry of Finance on January 8th, three of which are exchanges and one is a broker-dealer, simultaneously, the Finance Ministry has declined Coin Asset (coinasset.co.th), Thailand based digital asset exchange, an operating license and ordered to shut their operations by January 21st, stating the company's system is not complied by the SEC's regulatory standards.

Whereas, Coin Asset Co Ltd keeps continuing their operations, intending to re-apply for an operating license with the Securities and Exchange Commission (SEC) as Thai cryptocurrencies listed.

As per the Bangkok post, the company had issued coins by the name of Jfin and Dev coins, through Thailand’s ICO program.

For now, the resultant effect of the above news seems to be flinching investors’ confidence, which in turn causing huge panic sell-offs.

Mr.Sivanus Yamdee, the company CEO responded: “We are seeking a way to keep our digital asset exchange operating as the business cycle is moving towards a peak”.

He further added when the regulator the minimum processing time is four months,“ We are unable to endure such as long processing time. The business cycle is on the rise and there are costs for conducting daily business. It is not easy to maintain customer loyalty.”

In any manner, amid increasing apprehensions among cryptocurrency gamut, be it scams, be it hacking or anything of that sort, it would be fair by adhering to a local as well as global standards in order to keep investors’ safeguarding intact. No doubt, the firms in countries with minimal or no investment performance standards may be able to compete for business on an equal footing with firms from countries with more advanced standards. 

The main reason as to why GIPS (global investment performance standards) highlights the regulatory requirements for the firms is that such companies from countries with established practices will have more confidence in being fairly compared with local firms when competing for business in countries that have not previously adopted performance standards. Performance standards that are accepted globally enable investment firms to measure and present their investment performance so that investors can readily compare investment performance among firms. Courtesy: Bangkok post

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -75 levels (which is bearish), while hourly USD spot index was at 57 (bullish) while articulating (at 09:24 GMT). 

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