New Thai Crypto Regulations Attract ICOs and Exchanges

 In Altcoins, Exchanges, Governments and Regulations

Thailand is witnessing a growing demand for licenses from initial coin offerings (ICOs) and crypto exchanges, triggered by the new digital asset rules.

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.

Along with coin offerings and digital marketplaces, three ICO portals have already submitted applications to the Securities and Exchange Commission (SEC). As per the new regulatory framework that came into effect in July, ICOs need to get green light from ICO portals, themselves SEC-licensed firms, in order to initiate a crowdfunding initiative.

SEC secretary-general Rapee Sucharitakul explained that the increased interest in applying for official licenses is connected with the new legal framework. However, the processing of all applications is still underway and it is too early to say how many organizations will get operating licenses, according to Rapee.

The assessment procedure may take up to five months, the publication wrote. After a project has filed the necessary documents with the SEC, the regulator forwards them to the finance ministry within 90 days. Then, the ministry gives its final decision within 60 days. 

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As regards cryptocurrency exchanges, the following requirements apply: they have to be based in Thailand, they must have paid-up registered capital as stipulated, as well as a solid working system and good financial status, and their senior executives and shareholders have to be approved by the SEC.

“Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active,” Rapee noted.

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