Thai regulators announced Thursday, August 16, that they have so far approved seven business entities to conduct cryptocurrency operations as part of the formalization of the country’s domestic market.

In a statement, Thailand’s Securities and Exchange Commission (Thai SEC) confirmed Bitcoin Co. Ltd. (BX), Bitkub Online Co. Ltd., Cash2coins Co. Ltd., Group Co. Ltd. (TDAX), and Coin Asset Co. Ltd. were able to operate as legal cryptocurrency exchanges.

In addition, the regulator approved two cryptocurrency dealers: Coins TH Co. Ltd. and Digital Coin Co. Ltd. (ThaiWM).

The move forms part of a package of “transitional” rules governing crypto businesses operating in Thailand prior to the first tranche of regulations that came into force May 14.

As Cointelegraph reported, those entities continue serving customers while applying and waiting for a full license by notifying the Thai SEC within 90 days of the May deadline.

“In addition, the SEC is currently reviewing the data of two other digital asset operators that have filed an application under the Transitional Provisions,” the statement continues.

Last week, the SEC had also revealed heavy interest from prospective Initial Coin Offering (ICO) issuers in applying for regulated status in Thailand.

Over 50 projects had come forward, the regulator having previously outlined prerequisites needed to be fulfilled in order to be considered for approval. As of June, however, only five applicants had met those prerequisites.