About 50 Initial Coin Offering (ICO) projects prepare to launch, along with five portals and 20 crypto exchanges that will open for business in Thailand On July 24, the Thai Securities and Exchange Commission (SEC) officially established a regulatory framework for cryptocurrencies and ICOs and welcomed applications. Once an application is received, it will just […] The post The future of cryptocurrency is bright in Thailand appeared first on e27.
14 Aug, 2018E27.CO
On July 24, the Thai Securities and Exchange Commission (SEC) officially established a regulatory framework for cryptocurrencies and ICOs and welcomed applications.
Once an application is received, it will just take 90 days for the document to arrive at the finance ministry’s desk from the market regulator. Within 60 days, the finance ministry will make a decision based on the standard requirements, such as whether the company must be a listed firm in Thailand with paid-up capital and SEC approval in their pocket.
SEC secretary-general, Mr. Rapee Sucharitakul, revealed on Wednesday that about 50 projects have shown interest in issuing tokens and that five companies are interested in becoming ICO portals, three of which have already applied.
“License for crypto exchanges approvals are being processed. There are also around 20 companies that have applied for licenses to operate as digital asset exchanges,” as told by Sucharitakul to Bangkok Post.
One of the excited companies is Coin Asset, a Thai crypto exchange with about 10,000 users currently exchanging approximately 2-3 million baht (~US$60,186 – $90,279) daily.
Coin Asset CEO Suvanus Yamdee has also applied for a license to operate crypto ATMs, which would be the first in ASEAN countries. Once approved, Coin Asset will place these ATMs in the country’s international airports, allowing people to withdraw and send a minimum amount of 100 baht (~$3), also in multiple currencies such as yuan and euro with cryptos like BTC, BCH, ETH, LTC, XMR, and DASH.
With the relatively easy application process, Thailand sees an optimistic crypto ecosystem in the coming years as digital assets surely grow more popular compared to stocks. In comparison to China, which totally banned ICOs, Thailand is on the right path following its predecessors of crypto-friendly countries like Estonia, Australia, and Singapore.
Last week, Thailand’s central bank had also given its blessing for crypto activities, adding to the optimistic outlook for investors and startups in the country.
Image Credit: KryptoMoney
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