The Thai Securities and Exchange Commission recently reported that roughly 50 ICO projects have “shown interest” in obtaining digital asset licenses since they became available from the Finance Ministry last month.
According to the Bangkok Post, SEC secretary general Rapee Sucharitakul said that at least three ICO portals have already submitted their applications to the SEC; 20 companies have already applied to operate as digital asset exchanges.
Mr. Rapee said that although these 50 projects are eager to start fundraising, it’s unclear whether all of them will be granted licenses. “License approvals are being processed,” he explained, adding that “many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active.”
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Crypto Companies Must be Granted Approval to Continue Operating
The Post explained that “those seeking a licence to operate a digital asset business include being a company or listed firm with business operations based in Thailand; having paid-up registered capital as stipulated; and having paid-up registered capital as stipulated; and having a well-prepared work system and sound financial system.” Each company’s shareholders and executives must also have SEC approval.
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. “The investment ratio of ICOs to stock will be on par within two years,” he said.
Companies Had 90 Days to Comply With Laws After they Went into Effect in June
Thailand’s current regulations on cryptocurrency and ICOs were officially announced in June of this year. When the regulations were passed, the SEC announced that “all market participants, including ICO issuers, digital exchanges, brokers and dealers involved with digital asset transactions, are required to register with the SEC within 90 days of the effective date.”
“The participants must also receive the Finance Ministry’s approval to conduct digital asset business,” the announcement said. At the time, the SEC reportedly expected 10 firms to apply for licenses, and that half of them would be crypto exchanges and half would be crypto brokers and dealers.