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

Around 20 companies have applied to the SEC for licences to operate as digital asset exchanges

Rapee Sucharitakul, the SEC Secretary General, said that out of these 50 ICOs, "it remains uncertain whether all of them will be given operating licences to raise funds". As for crypto exchanges, citing that "license approvals are being processed", the Bangkok Post quoted him stating: There are also around 20 companies that have applied for licenses to operate as digital asset exchanges.

About 50 initial coin offering (ICO) projects have shown interest in applying for licences to operate after the Finance Ministry's announcement on approving digital asset licensing took effect late last month, says the Securities and Exchange Commission (SEC). "Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active".

The possible reason for the increase in the acquisition of operational licenses by crypto companies is due to the favourability of Thai market. As per the information provided by Sucharitakul three out of five companies, aspiring to become ICO portals, have completed filing their applications.

Mr. Rapee said that although these 50 projects are eager to start fundraising, it's unclear whether all of them will be granted licenses. According to TBMA, the platform will reportedly reduce the bond issuance time from the current 7-15 days to 3-4 days.

More news: UK Economy Picks Up Some Speed, Brexit Hurdles Ahead

Many thought that the new crypto legislations by the Thai SEC would have discouraged companies from seeking licenses, but that couldn't be further from the truth. Declaring that the ATM is the first of its kind among Asean countries, Mr. Suvanus described that it supports multiple fiat currencies - the baht, euros, yuan, and dollars.

After receiving the applications from the interested firms, the SEC will forward the documents to the Finance Ministry within 90 days. However, all the applicants have to respect a few conditions, one of which being the Thai SEC's approval for "directors, executives, and company shareholders", as Bangkok Post explained, while another criterium to meet is the necessity of having the required paid-up capital.

Thuntee Sukchotrat, the CEO of Jibex, a local exchange backed by IT company J.I.B. "The investment ratio of ICOs to stocks will be on par within two years".

However, the explosion of applications for crypto-related operations across Thailand makes future looks bright for the cryptocurrency in Thailand, corroborated by the decision of the Thai central bank to allow subsidiaries to operate in cryptos.

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