It has only been a few weeks since the Thailand Security Exchange Commission introduced a new licensing system for crypto firms but according to reports, so many crypto exchanges and ICO firms have registered for licenses with the SEC while others have shown interest in obtaining the license for the trade of cryptocurrency in Thailand.
The new policy for digital asset businesses was rolled out by the regulators on July 16 and seems to be just perfect since as many as “20 exchanges have registered for licenses,” according to Rapee Sucharitakul, the secretary-general of the Thailand Securities and Exchange Commission (SEC).
According to the report “about 50 initial coin offering (ICO) projects have shown interest in applying for licenses to operate in Thailand” even though the commission has suggested that not all of them will get approval.
New Rules, More ICO Firms, More Cryptos!
“Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active,” Sucharitakul Sucharitakul said.
Thailand’s new policy for crypto firm looks straightforward with one particular section stating that before any firm could go into the business of cryptocurrency in Thailand, the firm must first get approval from the Country’s SEC.
Also, before the SEC can issue a license to a new firm, the commission must first inspect the online marketplace “ICO portals,” where the firm wishes to conduct exchanges.
Crypto firms are likely going to meet up with the SEC Qualifications which primarily requires being a company or listed firm with business operations based in Thailand. Also, the firms are required to have paid-up registered capital as stipulated, use a well-prepared work system, and retain a sound financial status.
The policies are already doing its work which is ensuring investor protection and providing a fair playground for legitimate ICO projects. Without a doubt, this is one of the many benefits that other countries are missing out on by not creating policies for the local ICO and crypto markets.
The Philippines may be the next to step out of the shadow of fraudulent ICOs with recent reports mentioning that the country has drawn out draft rules that will determine how ICO firms will operate within its shores.