Lax Cryptocurrency Regulations In Thailand Attract Crypto Companies

12 Août, 2018, 16:11 | Auteur: Auguste Feret
  • Around 20 companies have applied to the SEC for licences to operate as digital asset exchanges

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. The company has a 90-day temporary license to operate an exchange while its application with the SEC is being reviewed, the publication noted.

The Thailand Securities and Exchange Commission (SEC) has told local newspaper Bangkok Post that 50 ICO projects and 20 crypto exchanges have applied for licenses since Thailand introduced crypto licensing rules in May 2018. 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.

The Secretary-General of Thai SEC, Rapee Sucharitakul told the Bangkok Post that nearly 50 ICO projects have expressed interest in a becoming certified to operate in the country.

According to Mr. Rapee Sucharitakul, the SEC secretary-general, about 50 projects have shown curiosity in issuing tokens. He said that three out of five ICO portals, online marketplaces where potential ICO issuers can operate their token sales, have already submitted their applications to the SEC.

Following a firm making a filing for approval from the SEC, the regulator must pass the proposal on to the nation's Finance Ministry.

After that, the Ministry has 60 days to make a decision whether to approve a license.

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According to the report, firms seeking a license to operate as digital asset exchange must have, among other things, paid-up registered capital as stipulated and sound financial status. The new legislation was enacted to regulate digital asset offerings and businesses undertaking digital-asset-related activities.

JIBEX chief executive Thuntee Sukchotrat said ICOs and cryptocurrencies are now viewed as assets that have captivated investment interest worldwide.

"I believe that investors will invest in digital assets instead of stocks in the future". "The investment ratio of ICOs to stock will be on par within two years", he said.

According to a report by ICORatings, a website that publishes independent research about upcoming and launched projects, the entire ICO market has doubled within the a year ago, with projects having already raised $11 billion throughout 2018.

Mr Thuntee said Thailand has updated rules and regulations on the digital asset trade and there is a regulator supervising both trading and ICOs, which could draw a considerable number of investors.

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