Thailand reports 50 applications for crypto licence
The Thailand Securities and Exchange Commission (SEC) reports that around 50 initial coin offering (ICO) projects have “shown interest” in obtaining digital asset licences since they became available from the Finance Ministry last month.
According to local newspaper the Bangkok Post, 20 crypto exchanges have also applied for licences. The SEC issued details of Thailand’s regulatory framework for cryptocurrencies and ICOs in June, including licensing requirements, fees and a list of seven approved cryptocurrencies.
SEC secretary general Rapee Sucharitakul told the newspaper that at least three ICO portals have already submitted their applications to the Commission. He added that while the 50 applicants were eager to start fundraising for their projects, it wasn’t certain that all of them would be granted licences.
“License approvals are being processed,” he said, adding that “many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active.”
Decision within 150 days
The Thai Finance Ministry has said that they will review the documents submitted within 90 days and announce their decision within a further 60 days.
The requirements for licence applicants include “being a company or listed firm with business operations based in Thailand; having paid-up registered capital as stipulated; and having a well-prepared work system and sound financial status.”
In addition, members of the registered company such as shareholders and executives must obtain approval from the SEC.
Thuntee Sukchotrat, CEO of cryptocurrency exchange Jibex, commented: “I believe that investors will invest in digital assets instead of stocks in the future. The investment ratio of ICOs to stock will be on par within two years.”