The Thai SEC has reported an increased interest to ICO licenses following the Finance Ministry's announcement on approving digital asset licensing.
The Thai Securities and Exchange Commission (SEC) says they have seen increased interest in licenses to operate initial coin offerings (ICOs) following the Finance Ministry's announcement to introduce ICO regulations, the Bangkok Post reported August 8.
The SEC secretary-general Rapee Sucharitakul told the Bangkok Post said that almost 50 ICO projects have expressed interest in a becoming certified, but it remains unclear whether all of them will be issued the proper credentials to raise funds.
Rapee added that three out of five ICO portals interested in applying for licenses have already filed with the SEC. Additionally, around 20 companies that aim to operate as digital assets exchanges have also applied for authorization. Rapee said:
“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 upon submission of an application, the SEC will transfer the document to the Finance Ministry within 90 days. After that, the Ministry has 60 days to make a decision whether to approve a license. Digital assets firms seeking approval must be based in Thailand, have paid-up registered capital, and be of “sound financial status.”
Thailand has demonstrated a positive approach to cryptocurrency and blockchain regulation. The Bank of Thailand allowed local banks to establish subsidiaries for dealing with cryptocurrencies last week. Thai banks can now issue digital tokens, provide crypto brokerage services, run crypto-related businesses, and invest in cryptocurrencies through subsidiaries.
In July, the Thai Bond Market Association (TBMA) announced it will deploy a blockchain-powered solution on its registrar service platform to provide faster bond certificate issuance and, in turn, boost the liquidity of the secondary market. The platform will reportedly reduce the bond issuance time from the current 7-15 days, to 3-4 days.