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20 Thai cryptocurrency exchanges registered for licenses

Thailand’s new licensing system for companies working with digital assets has seen a lot of applications from companies seeking to offer token sales and exchange services just weeks after it came into force.

On August 9, Rapee Sucharitakul, the secretary-general of the Thailand Securities and Exchange Commission (SEC), said that a total of 20 crypto exchanges had already registered for licenses.

Rules created to regulate ICOs came into force on July 16 after a royal decree was made public in May. As part of the scheme, projects that intend to offer crypto exchange services must also gain approval from the SEC before trading starts.

“Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active,” – Sucharitakul said.

The SEC also said around 50 ICOs have expressed interest in becoming registered to conduct compliant token sales in the country.

Before the SEC can grant licenses to individual projects, it must first select the so-called “ICO portals” – online marketplaces where potential ICO issuers can operate their token sales. Sucharitakul said that, out of the five companies that have expressed interest in becoming ICO portals, three have already filed applications.

On August 2, the Philippines Securities and Exchange Commission (SEC) released its draft rules on Initial Coin Offerings (ICOs) to regulate cryptocurrencies trading. Currently the SEC is seeking feedback from banks, investment houses, the investing public and all interested parties before finalizing the rules.