The Securities and Exchange Commission (SEC) of Thailand has reportedly granted the greenlight to four extra crypto firms in the Kingdom.

Specifically, the firms that received the regulatory go-ahead reportedly include Krungthai XSpring, a crypto broker affiliated with one of the nation’s top-tier banks, and crypto exchange T-BOX Thailand. 

Also successful in securing the regulatory approval was reportedly crypto advisor and fund manager Coindee and Leif Capital Asset Management, which also offers fund management services.

The four companies have not been able to begin their operations just yet, as still pending inspection works of their operations from the regulators.

Thailand now has 21 crypto asset operators comprising nine exchanges, nine brokers, and three fund managers that received full regulations. Thailand’s military-backed authority has been adopting a tolerant attitude towards cryptocurrencies, regardless of the central bank’s attempts to issue restrictions.

The report reportedly noted that one more significant player is planning to make its presence in the burgeoning Thai crypto market. Gulf Innova and Binance Capital Management have plans down their pipeline to release the jointly owned “Gulf Binance” crypto exchange and brokerage.

Crypto volumes in Thailand reportedly experienced a near 600% incline in early last year, as the bull market was building momentum.

The development reportedly surfaced following the turmoil related to the Singaporean exchange Zipmex, which also functions in Thailand. 

In late June this year, Zipmex Thailand pulled a halting on withdrawals for customers in the nation using its Z Wallet. Shortly after, the SEC rolled out a hotline for Zipmex customers to submit details on their losses.