Crypto Friendly Policies of Thailand attract 20 Cypto Echanges, 50 ICOs

Mae Love
August 12, 2018

Along with coin offerings and digital marketplaces, three ICO portals have already submitted applications to the Securities and Exchange Commission (SEC).

Rapee Sucharitakul, who is the secretary general of the Thai SEC, said that license approvals are being processed and "many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active".

Many thought that the new crypto legislations by the Thai SEC would have discouraged companies from seeking licenses, but that couldn't be further from the truth.

When a company files for a crypto business permit in Thailand, the "market regulator will forward documents to the finance ministry within 3 months", the Bangkok Post explained.

In the license granting procedure, the ICO portals need to be first selected followed by the approval of the licenses by Thailand's SEC to each project.

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"The most hard task for ICOs is creating the white paper that covers details of an ICO investment project, including product description, digital token distribution and how the raised funds will be used, for both Thai and foreign investors", Sucharitakul said. Thereafter, the Ministry has 60 days to make a decision whether to approve a license.

Additionally, Sucharitakul said a total of 20 crypto exchanges have also applied for licenses.

To be accepted for a licence, the SEC and Finance Ministry must be satisfied that the following criteria is met: being a company operating in Thailand, having paid-up registered capital, having sound financial status, and a well-prepared business plan. Each company's shareholders and executives must also have SEC approval.

Cryptocurrency exchanges are welcoming a new wave of regulated licensing structures, with several jurisdictions around the world now recognising the benefits of offering licenses to cryptocurrency businesses.

JIBEX chief executive Thuntee Sukchotrat said ICOs and cryptocurrencies are now viewed as assets that have captivated investment interest worldwide. Computer Group, was quoted stating: I believe that investors will spend money on digital assets rather than stocks in the future... EOS, a blockchain software architecture, had raised $4 billion over the past year, while PumPay, a finance sector project, as mentioned above, was one of the most successful ICOs in Q2. "The investment ratio of ICOs to stocks will be on par within two years". Sukchotrat said, "Only the details for taxes [imposed on digital asset trade and capital gains] remain unready".

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