ICOs, 20 Crypto Exchanges Apply for Licenses under Thailand's New ICO Regulations

ICOs, 20 Crypto Exchanges Apply for Licenses under Thailand's New ICO Regulations

Rapee Sucharitakul, who is the secretary general of the Thai SEC, said that license approvals are being processed and "many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active". Over 20 companies have applied for licenses to open crypto exchanges in Thailand, which shows the laws have not dampened spirits towards crypto in the kingdom.

As many as 50 token sales and 20 cryptocurrency exchanges have applied for licenses in Thailand, less than a month after the approval of new ICO regulations, local news outlet Bangkok Post reported on Thursday, quoting a senior official from the financial watchdog. The new rules and licensing framework for ICOs and other parts of the industry came into effect on July 16, and it hasn't taken much time for companies to apply for licenses. The interest from companies wanting to start up ICO projects or gain Thai crypto exchange licenses has skyrocketed through the roof when the opposite was expected. He said that three out of five ICO portals have already submitted their applications to the SEC.

According to the report, the authorization process for ICOs can take up to five months. After receiving the applications from interested firms, the SEC will forward the documents to the Finance Ministry within 90 days. Then the Finance Ministry will decide on licence approval within 60 days.

Qualifications for those seeking a licence to operate a digital asset business include being a company or listed firm with business operations based in Thailand; having paid-up registered capital as stipulated; and having a well-prepared work system and sound financial status. ICO issuers will now have to earn licenses with the Thai SEC.

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Banks in Thailand can now issue digital tokens, provide crypto brokerage services, run crypto-related businesses, and invest in cryptocurrencies through subsidiaries.

Still, in July, the Thai Bond Market Association (TBMA) announced it will deploy a blockchain-powered solution on its to provide faster bond certificate issuance.

The market for initial coin offerings (ICOs) has more than doubled within a year, according to new research from ICORating's into activity during Q2 2018. The exchange now processes approximately 2-3 million baht (~US$60,186 - $90,279) daily, CEO Suvanus Yamdee told Prachachat Turakij newspaper.

In the previous week, Philippines' regulatory body has published draft rules for regulating the sale of tokens.

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