The Thai Securities and Exchange Commission (SEC) have divulged that they have seen elevated interest in licenses to operate initial coin offerings (ICOs) after the Finance Ministry’s declaration to launch ICO regulations.
This is according to a report seen on the Bangkok Post.
The SEC secretary-general Rapee Sucharitakul reportedly said that almost 50 ICO projects have shown interest in becoming certified, but it still is unclear whether all of them would be issued the proper authorizations to raise funds.
The SEC bigwig also added that three out of five ICO portals interested in applying for licenses have already filed with the SEC. In addition, around 20 firms that seek to operate as digital assets exchanges have also applied for authorization.
“License approvals are being processed. Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active.”
The authorization process takes up to five months as after submission of an application, the SEC would transfer the document to the Finance Ministry within 90 days. Not long after, the Ministry then has 60 days to make a ruling whether to approve a license or not. Digital assets firms that are looking for approval must be based in Thailand, have paid-up registered capital, and be of “sound financial status.”
Thailand has shown a positive approach to cryptocurrency and blockchain regulation. The Bank of Thailand permitted local banks to set up subsidiaries for dealing with cryptocurrencies just last week. Thai banks can now issue digital tokens, deliver crypto brokerage services, operate crypto-related businesses, and invest in cryptocurrencies through subsidiaries.
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