Thailand Sees 20 Crypto Exchanges Apply for New Virtual Currency License
Twenty Cryptocurency Exchanges In Thailand Apply For New Virtual Asset Licenses
The innovative authorizing structure for companies with virtual properties in Thailand has led to a flurry of activities involving applications seeking to provide token sales and exchange services a couple of weeks after the new regulations came into force.
According to Rapee Sucharitakul, an official from Thailand’s Securities and Exchange Commission (SEC), twenty crypto exchanges have listed for licenses. Information from CoinDesk indicate that regulations created to standardize ICOs came into force last month following a decree on the subject, which was publicized in May this year.
Authorization From SEC
In line with the new regulations, projects that want to provide crypto exchange services have to seek the authorization from SEC before commencing any activities. Sucharitakul also asserted that firms that desire to start virtual asset exchanges have indicated that virtual assets and cryptocurency trading in Thailand have been quite active in the recent past.
Additionally, the SEC confirmed that there are approximately fifty ICOs which have showed interest in being registered to carry out complaint token sales in the nation. Nonetheless, prior to SEC granting any licenses to private projects, the organization has to come up with what is known as the ‘ICO portals’.
‘ICO portals’ are virtual market places where prospective ICO issuers can drive their virtual asset sales. According to Sucharitakul, out the five firms that have shown interest in being ICO portals, three have applied for the same.
Elsewhere in the Philippines, regulators have also commenced on similar efforts in the regulation of virtual asset sales, with the nation seeking public contributions on how to let ICOs work in a controlled environment.