Thai Crypto Exchanges Have Applied for New Digital Assets Licenses

Thai Crypto Exchanges Have Applied for New Digital Assets Licenses

Suchartakul told the Thai newspaper, the Bangkok Post on Thursday that licenses are now being processed and that "Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active".

As per the regulation, the upcoming projects focusing on the services of cryptocurrency exchange must seek SEC's approval prior to the trading.

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.

The SEC consults with the country's Finance Ministry before concluding the approval of any firm. Over 20 companies have applied for licenses to open crypto exchanges in Thailand, which shows the laws have not dampened spirits towards crypto in the kingdom.

But, Coin Asset wants more and also applied for a crypto ATMs operation license.

Mr. Rapee said that although these 50 projects are eager to start fundraising, it's unclear whether all of them will be granted licenses. The SEC also requires digital asset exchanges to based in the country and be of "sound financial status".

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. The ICO portal serves as a marketplace operating online where the possible ICO issuers can facilitate token sales. On Wednesday, the SEC revealed the number of companies that have applied for various licenses or are interested in applying, local media reported.

Thailand has demonstrated a strong positive approach to the regulation of cryptocurrencies. The new legislation was enacted to regulate digital asset offerings and businesses undertaking digital-asset-related activities.

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 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.

In the same region, regulators from the Philippines embarked on a similar effort just last week, releasing draft rules for the regulation of token sales.

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