20 Firms In Thailand Have Applied For Crypto Exchange Licenses
After the introduction of a new licensing system for the cryptocurrency sector in July, Thailand’s Securities and Exchange Commission (SEC) has received close to dozen applicants interested in operating in domestic cryptocurrency exchanges.
Thailand SEC secretary-general Rapee Sucharitakul has disclosed that close to 20 firms have applied for licenses to operate cryptocurrency exchange within a month following a new regulatory licensing framework for ICOs and the general crypto industry was introduced on July 16.
As reported, the senior SEC official announced that license approvals are presently “being processed”, going on to add that:
“Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active.”
As reported earlier, Thailand authorities made a royal decree to make possible the regulation of the domestic crypto sector that requires all exchange operators, ICO issuers, and brokerages to register with the SEC before starting operations.
The regulation that came into effect on July 16th allowed seven specific coins as payments for ICO users and they include Bitcoin, Ethereum, Ripple, Bitcoin Cash, Ethereum Classic, Stellar and Litecoin.
ICO issuers are required to get licensed through ‘portals’ where the latter’s management structure and plan of operations will be evaluated by the regulator. Three of the five ICO portals have already been applied to the SEC.
Rapee went on to add that the SEC has seen interest from 40 ICO issuers wanting to acquire a license to make funds, five of which be possibly be approved.
Thailand’s acceptance of the cryptocurrency space in a regulate capacity comes after developments to its east in the Philippines where the country’s central bank approved the recognition of two new cryptocurrency exchanges in July, making the total rise to 5 regulated exchanges in the country. Aside from developments in the mainland, a government-controlled economic zone in the northern end of the Philippines is also releasing 25 crypto exchange licenses within the economic zone.
