Bitherb Co. Ltd. which is a subsidiary of Japanese public company Remixpoint, which operates a regulated Japanese crypto exchange, Bitpoint Japan, has been approved by Thailand’s Securities and Exchange Commission (SEC) to operate four new crypto services.
According to report on the commission’s website, the company, which has not begun operating on these approvals yet would be able to operate along the lines of the country’s SEC categories of crypto operation approvals available to companies including crypto exchange service, digital token exchange service, crypto brokerage service, and a digital token brokerage service.
The past few days have been particularly disheartening for Remixpoint and its subsidiary companies. On Thursday, the company announced a break of security in which one of its subsidiaries, Bitpoint, a Japanese crypto exchange was hacked and lost $32 million in crypto assets. Although the assets that were stolen were not exactly reported at the time, the exchange had trading support for five major cryptos including BTC and ETH.
The news of new approvals and event of hacking coming at the same time would create a mixed feeling for the big company who seemed to have several subsidiaries. While issues of refunding the customers affected in Bitpoint hack comes to mind, another issue is the funding of the new projects recently gotten approvals for.
Thailand seems to be catching up in the cryptocurrency adoption game. Recently, the Thai’s SEC approved three other companies to operate crypto services. These companies, which were all approved this year include Bitkub Online Co. Ltd. (Bitkub), Bitcoin Co. Ltd. (BX), and Satang Corporation (Satang Pro) — were approved in January. All of them got approvals for both cryptocurrencies and digital tokens.
Remixpoint announced in February that BitHerb Co. Ltd. had gotten four approvals. However, the commission had not completely validated the subsidiary’s system and had not added it to its list of approved companies.