New Hub? 50 ICOs Eye Thai Crypto License

20 Thai Crypto Exchanges Have Applied for New Digital Assets Licenses

20 new companies have recently applied for Thai crypto exchange licenses that wish to be in line with the Thai SEC's new regulations. According to him, although the companies have indicated interests and sent applications, there is no clear indication of how many applications will be successful.

The SEC consults with the country's Finance Ministry before concluding the approval of any firm.

There are also around 20 companies that have applied for licences to operate as digital asset exchanges, Mr Rapee said.

Crypto exchange JIBLEX's CEO, Thuntee Sukchotrat, said, "I believe that investors will invest in digital assets instead of stocks in the future". The Finance Ministry then assesses the proposal over the next 60 days and will make a decision within the same time frame.

Some of the requirements for applying for a license include "being a company or listed firm with business operations based in Thailand; having paid-up registered capital as stipulated; and having a well-prepared work system and sound financial status." .

Sucharitaku also talked about the crypto exchanges: "Licence approvals are being processed".

However, before the SEC can grant licenses to individual projects, it must first select the so-called "ICO portals" - online marketplaces where potential ICO issuers can operate their token sales.

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The possible reason for the increase in the acquisition of operational licenses by crypto companies is due to the favourability of Thai market.

Thailand has demonstrated a strong positive approach to the regulation of cryptocurrencies. This week, the country's central bank also green-lighted subsidiaries of financial institutions for crypto activities.

Cryptocurrency exchanges are welcoming a new wave of regulated licensing structures, with several jurisdictions around the world now recognising the benefits of offering licenses to cryptocurrency businesses.

Still, in July, the Thai Bond Market Association (TBMA) announced it will deploy a blockchain-powered solution on its to provide faster bond certificate issuance.

The Initial Coin Offering (ICO) market over the past one year has expanded in a voluminously with total funds raised through ICO had crossed $11 billion in 2018. The exchange now processes approximately 2-3 million baht (~US$60,186 - $90,279) daily, CEO Suvanus Yamdee told Prachachat Turakij newspaper.

In the same region, regulators from the Philippines embarked on a similar effort just last week, releasing draft rules for the regulation of token sales.

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