After reformation in the licensing system in July, Securities and Exchange Commission (SEC) of Thailand has received around 20 applications to function as domestic cryptocurrency exchanges. These companies intend to offer token sales and exchange.
According to Bangkok post, a administration executive of SEC has confirmed that the approval of the license is under process, adding:
“Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active.”
Lately, the government of Thailand has implemented a royal decree to accelerate all the regulations of domestic crypto industry that find all the ICO issuers, exchange operators and brokerages obligatory to register with SEC before starting its business operations.
SEC secretary-general Rapee Sucharitakul announced that around 20 companies have filed in for licenses to function digital token exchanges in less than a month after the amended regulatory licensing scheme for ICOs and the crypto industry was implemented on July 16.
SEC also announced that around 50 ICOs are interested in getting registered to operate compliant crypto sales in the country. However, it is uncertain how many of them will be issued with licenses to raise funds from public.
Before the commission can grant licenses to standalone projects, it must make a choice of “ICO portals” – online marketplaces for prospective ICO issuers to conduct their crypto sales.
The Secretary also stated that out of five companies interested in establishing ICO portals, three have already started following the filing procedure.
The process of authorization can take 5 months after the submission of application. Post submission, the commission will transfer the necessary documents to the Ministry of Finance within a period of 90 days. After transfer, the Ministry has around 2 months to decide whether to approve the license or not.Companies looking for approval must be originated in Thailand and have a sound financial status.
In a similar trajectory, regulators from Philippines have started on a similar effort in the last week, publishing the draft rules for regulation of cryptocurrency sales. The country is looking forward to suggestions from its citizen on how an ICO should function and operate in a regulated environment.