Thailand has issued its first licenses to four cryptocurrency exchanges, while Singapore-based crypto wallet TenX has announced the departure of co-founder and president Julian Hosp.
Thailand joins Japan in regulating crypto exchanges
Thailand has issued its first licenses to four cryptocurrency exchanges, Bx, Bitkub, Coins and Satang Pro, granting them permission to operate in the country.
The move represents a step forward for the legitimacy of cryptocurrencies in Thailand, in line with Japan.
According to Thai reports, another crypto exchange called Coin Asset is under extended review after replacing its management team to secure the coveted license.
Meanwhile, two other exchanges, Cash2Coins and Southeast Asia Digital Exchange, have failed to win the license, and have until January 14 to notify customers and move assets before shutting down this month. Both were rejected due to insufficient know your customer (KYC) processes and poor IT infrastructure.
Japan became the first country to regulate crypto exchanges, with over a dozen players licensed so far. In October, the Japanese exchange industry was also granted self-regulatory status. This allows the Japan Virtual Currency Exchange Association to police and sanction exchanges for law violations.
Thailand has previously announced regulation for initial coin offerings (ICOs) and has said it will consider easing those rules. The Southeast Asian nation is up against countries such as Singapore and Vietnam that have also positioned themselves as hubs to attract blockchain projects and talent.
TenX co-founder and president Julian Hosp leaves
Singapore-based crypto wallet TenX has announced that its co-founder and president Julian Hosp is leaving the firm.
According to a TenX Twitter post, co-founder and CEO Tony Hoenisch will be “driving the business forward solely”.
The Singapore-based startup is developing a cryptocurrency-linked Visa debit card and mobile wallet. It raised close to $80 million through ICOs in June 2017, one of the largest capital raises at the time.
“2019 brings great opportunity for TenX. We are committed to ensuring that our vision and our mission are seen through, as per plan…We have received a tremendous amount of shareholder value and support from you all under Julian’s leadership and want to thank him for paving the way towards further success for TenX in the years to come,” the startup said in its Twitter post.