Fifty ICO Projects Already Seeking Licenses from Thai SEC

20 Thai Crypto Exchanges Have Applied for New Digital Assets Licenses

20 Thai Crypto Exchanges Have Applied for New Digital Assets Licenses

The Thai SEC's secretary-general, Mr. Rapee Sucharitakul, stated this Wednesday that approximately 50 crypto-related projects are interested in issuing tokens.

According to Rapee, around cryptocurrencies, 20 companies that aim to operate as digital assets exchanges in the country have applied for authorization from the Thai SEC.

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 CoinDesk has previously reported, rules created to regulate ICOs took effect on July 16 after a royal decree was made public in May.

Thailand chose for more lax cryptocurrency regulations, including ICOs and now increasingly more crypto companies filed applications for licenses to operate across this Asian country.

Three of the five interested ICO portals have submitted official applications with the SEC, Rapee said.

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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.

"License approvals are being processed".

The exchange has also requested a license to operate crypto ATMs, which it unveiled last week.

Mr. Suvanus, Coin Asset CEO, explained that the crypto ATMs operated by his company would support fiat currencies (Baht, US Dollars, Euros, and Yuans) and allow clients buy and sell Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Monero (XMR), and Dash (DASH). If approved, the group plans to install the ATMs at Thailand's major worldwide airports, Suvarnabhumi and Don Mueang, as well as in Chiang Mai.

Once firms or listed companies make a filing for licence approval, the market regulator will forward documents to the Finance Ministry within 90 days, starting from the day that the documents are received. Some basic criteria are that the company must be registered and operate in Thailand with around financial records. Furthermore, members of the registered company such as shareholders and executives must attain approval from the SEC. Computer Group, was quoted stating: I believe that investors will spend money on digital assets rather than stocks in the future... While the entire industry is embroiled in a bear cycle that has continued into the eighth month of the year, ICOs have doubled since 2017, while drastically increasing the amount of investment funds. This week, the country's central bank also green-lighted subsidiaries of financial institutions for crypto activities.

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