The new licensing order on Initial Coin Offerings (ICOs) that came into force in Thailand has already attracted 20 cryptocurrency exchanges, seeking to receive authorization.
After Finance Ministry has approved the licensing rule for virtual assets, more than 50 ICO projects to operate token sales have been interested in obtaining a license, the Securities and Exchange Commission (SEC) announced. In addition to these, other 20 cryptocurrency exchanges have submitted requests, looking to carry out their activities under the law.
“Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active,” claimed Rapee Sucharitakul, the secretary-general of the Thailand Securities and Exchange Commission (SEC).
All ICO projects must own a license
As previously reported by Coindoo, the Thailand Securities and Exchange Commission (SEC) would apply the new law as of July 16. According to it, all ICO projects that want to settle in Thailand are required to obtain approval from the national regulatory body – the SEC.
“Sell digital tokens by ICO process. And approval of the portal. Under the Digital Asset Management Act of BE 2561 (BE 2561), it will come into force on July 16, 2011,” reported the SEC at that time
“The SEC welcomes the request for an ICO portal. Come to discuss with the SEC in detail immediately. To prepare for the application for approval when the declaration comes into force. And when the SEC is approved by the SEC, the SEC is ready to consider licensing the ICO, even though the criteria will help set the standard for ICs. O!”
Prior to offering licenses to interested companies, the SEC must respect specific steps. Firstly, the agency chooses “ICO Portals“, which represents the online market where these will conduct their token sales. The secretary-general of the SEC reported that 3 out of 5 companies interested in becoming ICO Portals have already filed their applications.
Secondly, the SEC needs to keep an eye on whether the firms concerned meet the requirements for obtaining a license.
It seems that Thailand’s new licensing rule inspires other countries. Last week, regulators in the Philippines issued a draft law aimed at regulating token sales. If you have tips for the regulatory agency regarding the ICO’s further existence, you are free to share them with it.