Published: Sun, August 12, 2018
Money | By Ralph Mccoy

ICO Licensing Rule In Thailand Attracts 20 Crypto Exchanges

ICO Licensing Rule In Thailand Attracts 20 Crypto Exchanges

In a Bangkok post report, the secretary general of Securities and Exchange Commission has mentioned that 20 cryptocurrency exchanges have already applied for registration of licenses.

Th regulatory framework for ICOs and and businesses undertaking crypto-related activities took effect on July 16 after a royal decree on the topic was made public in May. 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. About five of these plan on becoming ICO portals, while about 20 cryptocurrency exchange platforms applied for a license.

Rapee also commented about the increase in interests for an operational license in the country.

According to the Post report, crypto licensing applications take up to five months before any authorizations are granted. 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.

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.

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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.

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. Last week, the Bank of Thailand allowed local banks to establish subsidiaries for dealing with cryptocurrencies.

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.

Initial Coin Offering-Despite the sinking price of cryptocurrency across the market, initial coin offerings have managed to fair well in terms of growth through 2018. The exchange now processes approximately 2-3 million baht (~US$60,186 - $90,279) daily, CEO Suvanus Yamdee told Prachachat Turakij newspaper.

Similarly, regulators from the Philippines embarked on a similar effort last week to check operations of the crypto-related project, releasing draft rules for the regulation of token sales.

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