Thailand has issued its first batch of licenses to four cryptocurrency exchanges: Bx, Bitkub, Coins and Satang Pro, while Coin Asset exchange is under review after replacing its management team in a bid to win a license.

Other two applications (Cash2Coins and Southeast Asia Digital Exchange) were rejected due to insufficient KYC processes and inadequate IT infrastructure, according to Bankkok Post.

This license issuance is considered as a major step toward bringing the legitimacy of cryptocurrencies in Thailand. With the license, these four exchanges now can partner with financial institutions such as banks in Thailand to provide more financial products such as internet banking and e-wallet for crypto holders.

The move could help Thailand establish itself as a financial hub for the blockchain industry in Asia.