Thai Crypto Exchanges Have Applied for New Digital Assets Licenses
Thai Crypto Exchanges Have Applied for New Digital Assets Licenses
Fifty ICO Projects Already Seeking Licenses from Thai SEC
12 August, 2018, 16:08
As per the information provided by Sucharitakul three out of five companies, aspiring to become ICO portals, have completed filing their applications.
SEC secretary-general Rapee Sucharitakul explained that the increased interest in applying for official licenses is connected with the new legal framework. 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.
"Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active", Rapee noted. According to him, although the companies have indicated interests and sent applications, there is no clear indication of how many applications will be successful.
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"Licence approvals are being processed..."
Thuntee Sukchotrat, CEO of cryptocurrency exchange Jibex, believes that an increasing number of investors will be turning away from stocks and toward digital assets in the future. Thereafter, the Ministry has 60 days to make a decision whether to approve a license.
The move by The Bank of Thailand follows the ground breaking announcement made a month ago by the Thai Bond Market Association (TMBA) that it was going to launch a blockchain solutions for its service registration platform to help speed up the issuance of bond certificates so as to reduce wait times down to 3-4 days as opposed to the current 7-15 days it takes to issue such certificates. The SEC also requires digital asset exchanges to based in the country and be of "sound financial status". Each company's shareholders and executives must also have SEC approval.
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Many thought that the new crypto legislations by the Thai SEC would have discouraged companies from seeking licenses, but that couldn't be further from the truth.
Judging by the number of applicants already for an SEC licence, Thailand is keen to embrace the new funding method, as well as a future tokenised economy.
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According to a report by ICORatings, a website that publishes independent research about upcoming and launched projects, the entire ICO market has doubled within the past year, with projects having already raised $11 billion throughout 2018. 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.
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