50 ICO Projects and 20 Crypto Exchanges Applied For Licenses in Thailand
According to a news report on 8th August, the secretary-general of the Securities and Exchange Commission (SEC), Rapee Sucharitakul mentioned the total of 20 crypto exchanges have already appealed for licenses.
Thai SEC also says they have seen grown interests in licenses to work for initial coin offerings (ICOs) after the announcement by the Finance Ministry to introduce ICO regulations. On 16th July, the wider cryptocurrency sector was ready to charge in as within a month news regulatory licensing framework for ICO’s came into effect.
Backing a renewal licensing system for the cryptocurrency in July, Securities and Exchange Commission (SEC) in Thailand has retrieved almost two dozen applicants seeking to run the domestic cryptocurrency exchanges.
The Bangkok Post reports say that the senior SEC official affirmed that approvals of the license are currently “in process”, adding:
Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active.
While the Thai authorities pushed in order to track down the domestic cryptocurrency regulation, the ICO issuers, exchange operators, and brokerages was mandatory to register with SEC prior to commence operations.
After applying these effects, the SEC became one amongst the world’s recent security market regulators to consider cryptocurrency in fundraising, enabling seven particular coins for ICO users as a payment. The coins include Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, Stellar and Litecoin.
However, ICO issuers need to earn licensure via portals, basically, firms operating marketplaces; wherein the hindmost plan of operations with the management structure will be examined by the regulator. Three out of five ICO portals have already yielded their application to the SEC.
Mr. Rapee stated:
The most difficult task for ICOs is creating the white paper that covers details of an ICO investment project, including product description, digital token distribution and how the raised funds will be used, for both Thai and foreign investors.
The news follows the time when the potential body backing the securities firms in Thailand was also looking to explore the possibility of introducing a joint cryptocurrency exchange. Finally, they were ready to apply with the SEC, which was a sign of the evolving interest of institutional retail investor towards trading cryptocurrency.
Thailand has been embracing the cryptocurrency space as its regulatory ability follows the developments to its east of the Philippines. However, the central bank of the country agreed to the accreditation of two recent cryptocurrency exchanges in July, currently counting the overall of 5 regulatory exchanges in the country.
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