The Security and Exchange Commission (SEC) in Thailand said that there has been an increased interest among companies to avail licenses for Initial Coin Offerings (ICOs) and Digital Asset Operations. This news follows the Finance Ministry’s landmark announcement to regularize ICO. This news was first reported by Bangkok Post on 8 August 2018.
Rapee Sucharitakul, Secretary-General, SEC told the Bangkok Post that up to 50 ICO projects showed interest in certification. However, it is not confirmed that all of these projects have proper credentials in place to raise the needed funds.
Rapee further added that three out of the five ICO portals have already applied for licenses with the SEC. Around 20 additional companies have also applied to operate as cryptocurrency exchanges.
The authorization process will take up to five months. The SEC will forward the documents to the Finance Ministry within 90 days. The Finance Ministry then has 60 days for approval or rejection of a license. The Digital assets firms should be financially sound with a paid-up registered capital and must be based in Thailand.
This comes as a great news as the country of Thailand is actively making it easier to do business in cryptocurrencies. In fact, the Bank of Thailand enabled local banks to deal in cryptocurrencies last week through establishing subsidiaries.
The Thai Bond Market Association (TBMA) announced back in July that a blockchain based solution will be deployed on the association’s registrar to increase the speed of bond certificate issuance. This will help boost the overall liquidity f the secondary market. The solution is projected to reduce the bond issuance time from 1-2 weeks to a mere 3-4 days.
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