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

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August 4 was informed in local media that the SEC has granted operating licenses to four additional digital asset operators.

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These include Krungthai XSpring, a crypto broker associated with one of the country’s leading banks, and crypto exchange T-BOX Thailand. Also receiving regulatory approval were cryptocurrency advisor and fund manager Coindee and Leif Capital Asset Management, which also manages the funds.

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However, four firms have not yet started their activities, as the regulator still needs to check their activities.

Thailand currently has 21 fully regulated digital asset operators, including nine exchanges, nine brokers and three fund managers. The military-backed Thai 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 burgeoning Thai cryptocurrency market. Gulf Innova and Binance Capital Management are planning to launch a joint cryptocurrency exchange and brokerage company, Gulf Binance.

Cryptocurrency volumes in Thailand surged nearly 600% in early 2021 as the bull market picked up pace.

After weeks of rumors, Thai cryptocurrency is swapping Zipmex files for debt relief in Singapore.

The move comes amid turmoil surrounding Zipmex, a Singapore-based exchange that also operates in Thailand. Late last month, Zipmex Thailand suspended withdrawals for customers in the country using its Z-wallet. Shortly thereafter, the SEC launched a hotline for Zipmex customers to report details of their losses.

On August 1, the SEC launched an investigation into Zipmex, saying the company may have violated trading regulations by suspending withdrawals. It stated that the firm referred to inadequate reasons for such actions as “market fluctuations”.

The regulator ordered the firm to resume trading, and by August 3, Zipmex resumed withdrawals for Solana (SOL) and Ripple (XRP) the next day, according to Cryptooshala. The withdrawal of larger assets such as Bitcoin and Ethereum remains suspended, as well as the withdrawal of funds from the ZipUp+ service.

On August 4, the firm tweeted that it intends to resume all services as soon as possible.

This year, Zipmex found itself embroiled in a crypto contagion due to exposure to Celsius and Babel Finance. On August 3, Zipmex Thailand CEO Akalarp Yimvilay said his parent company in Singapore had invested $5 million to offset Celsius’ losses.