The Thai Securities and Exchange Commission says they have seen increased interest in licenses to operate initial coin offerings 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.
"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.
Digital assets firms seeking approval must be based in Thailand, have paid-up registered capital, and be of "Sound financial status."
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 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.
Thai SEC: Interest Increases in ICO and Digital Asset Operations Licenses
Published on Aug 9, 2018
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.