Thailand: 50 ICO Projects and 20 Crypto Exchanges Apply For Licenses

Irving Hamilton
August 12, 2018

Coin Asset is among the crypto companies that applied to an operating license in Thailand thanks to the lax cryptocurrency regulations across this Asian country.

The Post quoted the SEC secretary general Rapee Sucharitakul as saying that about four dozen projects have sent in requests to be granted the necessary documentations that will allow them to launch projects in the country.

Along with coin offerings and digital marketplaces, three ICO portals have already submitted applications to the Securities and Exchange Commission (SEC).

The most hard task for ICOs is creating the white paper that covers details of an ICO investment project, including product description, digital token distribution and how the raised funds will be used, for both Thai and foreign investors, he said. 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.

"License approvals are being processed".

Among companies that have applied for a license is Coin Asset, a six-month-old Thai crypto exchange with about 10,000 users.

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After receiving the applications from the interested firms, the SEC will forward the documents to the Finance Ministry within 90 days. Thereafter, the Ministry has 60 days to make a decision whether to approve a license. The SEC also requires digital asset exchanges to based in the country and be of "sound financial status". However, all the applicants have to respect a few conditions, one of which being the Thai SEC's approval for "directors, executives, and company shareholders", as Bangkok Post explained, while another criterium to meet is the necessity of having the required paid-up capital.

Earlier this year, NewsBTC reported on a Thai Royal Decree that sought to regulate cryptocurrency offerings, as well as the companies that comprise the emerging digital asset industry.

Banks in Thailand can now issue digital tokens, provide crypto brokerage services, run crypto-related businesses, and invest in cryptocurrencies through subsidiaries.

JIBEX chief executive Thuntee Sukchotrat said ICOs and cryptocurrencies are now viewed as assets that have captivated investment interest worldwide. According to the research, the market has more than doubled over the course of the year, with ICOs raising over $11 billion in investments.

Mr Thuntee said Thailand has updated rules and regulations on the digital asset trade and there is a regulator supervising both trading and ICOs, which could draw a considerable number of investors.

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