Money

20 Crypto Exchanges Have Applied For New Digital Assets Licenses

The Thai Securities and Exchange Commission (SEC) says they have seen increased interest in licenses to operate initial coin offerings (ICOs) following the Finance Ministry’s announcement to introduce ICO regulations, the Bangkok Post reported August 8.

The SEC secretary-general Rapee Sucharitakul told the Bangkok Post said that almost 50 ICO projects have expressed interest in a becoming certified, but it remains unclear whether all of them will be issued the proper credentials to raise funds.

Rapee added that three out of five ICO portals interested in applying for licenses have already filed with the SEC. Additionally, around 20 companies that aim to operate as digital assets exchanges have also applied for authorization. Rapee said:

“License approvals are being processed. Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active.”

The authorization process takes up to five months as upon submission of an application, the SEC will transfer the document to the Finance Ministry within 90 days. After that, the Ministry has 60 days to make a decision whether to approve a license. Digital assets firms seeking approval must be based in Thailand, have paid-up registered capital, and be of “sound financial status.”

Thailand has demonstrated a positive approach to cryptocurrency and blockchain regulation. The Bank of Thailand allowed local banks to establish subsidiaries for dealing with cryptocurrencies last week. Thai banks can now issue digital tokens, provide crypto brokerage services, run crypto-related businesses, and invest in cryptocurrencies through subsidiaries.

In July, the Thai Bond Market Association (TBMA) announced it will deploy a blockchain-powered solution on its registrar service platform to provide faster bond certificate issuance and, in turn, boost the liquidity of the secondary market. The platform will reportedly reduce the bond issuance time from the current 7-15 days to 3-4 days.

This story originally appeared in Cointelegraph. Image courtesy of Shutterstock.

Join The Discussion

Car Crash Outside Parliament In London Treated As Terrorism
Car Crash Outside Parliament In London Treated As Terrorism [Video]
Soul Icon Aretha Franklin Is Seriously Ill
Soul Icon Aretha Franklin Is Seriously Ill [Video]
Pentagon Chief Mattis Defends His Reversal On Space Force
Pentagon Chief Mattis Defends His Reversal On Space Force [Video]
Euro Plunges As Currency Volatility Sparks Contagion Fear [Video]
Euro Plunges As Currency Volatility Sparks Contagion Fear [Video]
Square Cash Finally Opens Bitcoin Buy And Sell In All 50 States
Square Cash Finally Opens Bitcoin Buy And Sell In All 50 States
Bitcoin Dips Below $6,000 Amid Cryptocurrency Sell-Off
Bitcoin Dips Below $6,000 Amid Cryptocurrency Sell-Off
Is Tether ‘The Central Bank Of Crypto Trading’
Is Tether ‘The Central Bank Of Crypto Trading’?
‘Rich Dad, Poor Dad’ Author Robert Kiyosaki Is Bullish On Bitcoin
‘Rich Dad, Poor Dad’ Author Robert Kiyosaki Is Bullish On Bitcoin
60 Must Have Digital Marketing Tools For 2018
60 Must Have Digital Marketing Tools For 2018 [Infographic]
7 Ways To Generate Leads For Your Small Business
7 Ways To Generate Leads For Your Small Business [Infographic]
How to Get Visitors To Your Website To Finally Make A Purchase
How to Get Visitors To Your Website To Finally Make A Purchase [Video]
How Online Marketplaces Are Changing The Face Of Entrepreneurship
How Online Marketplaces Are Changing The Face Of Entrepreneurship
Twitter Lite Expands To 21 More Countries
Twitter Lite Expands To 21 More Countries, Adds Push Notifications
Facebook Announces New Mentorship Program For Groups
Facebook Announces New Mentorship Program For Groups
Pinterest Rolls Out Max Width Video Ads To All Businesses
Pinterest Rolls Out Max Width Video Ads To All Businesses [Video]
Facebook Tests Replacing 'Share' With 'Message' Option On News Feed Posts
Facebook Tests Replacing ‘Share’ With ‘Message’ Option On News Feed Posts