Though the numbers are still climbing right now, there has been at least 50 different enterprises that have noted their interest in hosting their ICO in Thailand. Thailand has recently been working with regulators to release the framework for licensing and operation, which was released in June. The framework included multiple aspects of licensing cryptocurrency and working within the market in the country, based on details provided by the Thailand SEC.
In the report from the SEC, three of the ICO portals that have shown interest already have followed through with their application. However, just like other countries and other industries, there is no assurance that each application will have an approval.
The most difficult and complicated part of an ICO is typically the whitepaper, which is simply a document that explains the business’s technical and commercial details. Typically, these documents act as the best source of information, even explaining the process of their sales. Investors that may eventually take part in the ICO rely on the whitepaper to gauge how successful they believe the project will eventually be.
Even though the number of ICO applicants is still small, the Thai SEC showed that there were 20 companies that specifically applied to become cryptocurrency exchanges locally. This is most likely due to the last few months of establishing stronger and more definitive regulations, following a ban to prevent banks from getting involved in cryptocurrency transactions. By May, the prohibition was lifted by a royal decree, with the understanding that there would need to be strict limits and laws established to govern the exchanges.
The Commission’s secretary-general, Rapee Sucharitakul, made the following remarks about this surge:
“License approvals are being processed. Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active.”
In order to complete the licensing process, it can take up to 150 days. During the first 90 days, the SEC is required to review the documentation, and then deliver it to the Ministry Of Finance. Once received, the deliberation process has 60 days to reach a decision. From here, the financial industry will need to keep its eyes on Thailand to see what comes next.