The Bangkok Post reported on August 8 that the Thai Securities and Exchange Commission (SEC) has seen an increased interest in licenses to operate ICOs. The increase came after the Finance Ministry announced the introduction of ICO regulations.
Secretary-General Rapee Sucharitakul of the SEC says around 50 ICO projects are interested in becoming certified by the SEC, although it is still unclear if all of them will be issued the proper license to raise funds.
Rapee also revealed that three ICO portals interested in applying for licenses have already filed applications with the SEC, with 20 other firms aiming to serve as digital assets exchanges have applied for authorization as well.
The Changing Face Of Regulation In Thailand
The authorization process can take up to five months. Once a firm submits an application, the SEC transfers the documents to the Finance Ministry within a 90 day period. Afterward, the Ministry has 60 days to decide if the application is approved or not. The Finance Ministry requires digital assets firms seeking approval to be based in Thailand, have paid-up registered capital, and be of “sound financial status.”
Thailand has demonstrated a liberal and forward-thinking approach to cryptocurrencies and blockchain regulation. The Bank of Thailand has permitted local banks to create subsidiaries to deal in crypto. Banks can now issue digital tokens, provide crypto brokerage services, run crypto-related businesses, and invest in cryptocurrencies via their subsidiaries.
Earlier in July, the Thai Bond Market Association (TBMA) announced they will integrate a blockchain solution on their registrar service platform to provide faster bond certificate issuance and boost market liquidity. The platform will help reduce the bond issuance time from 7-15 days to 3-4 days.
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