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Author Topic: Thailand: 20 Companies Have Applied for Crypto Exchange Licenses  (Read 85 times)
SuperBazooka
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August 09, 2018, 01:54:35 PM
 #1

Thailand: 20 Companies Have Applied for Crypto Exchange Licenses
Following a new licensing system for the cryptocurrency sector in July, Thailand’s Securities and Exchange Commission (SEC) has fielded nearly two dozen applicants looking to operate domestic cryptocurrency exchanges.

Thailand SEC secretary-general Rapee Sucharitakul has revealed that as many as 20 companies have applied for licenses to operate cryptocurrency exchanges within a month after a new regulatory licensing framework for ICOs and the wider crypto sector came into effect, on July 16.

As reported by the Bangkok Post on Thursday, the senior SEC official confirmed that license approvals are currently “being processed”, adding:

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

As reported previously, Thai authorities pushed a royal decree to fast-track the regulation of the domestic crypto sector that mandates all exchange operators, ICO issuers and brokerages to register with the SEC before commencing operations.

The regulatory framework came into effect less than a month ago on July 16th, wherein the SEC became one of the world’s earliest securities market regulators to recognize cryptocurrencies in fundraising, allowing seven specific coins as payments for ICO users. They are namely Bitcoin, Ethereum, Ripple, Bitcoin Cash, Ethereum Classic, Stellar and Litecoin.

ICO issuers will have to earn licensure through ‘portals’ (companies operating marketplaces) wherein the latter’s management structure and plan of operations will be scrutinized by the regulator. Three of the five ICO portals have already submitted their applications to the SEC.

Notably, Rapee added that the SEC has seen interest from 50 ICO issuers looking to gain licenses to raise funds, five of which are likely to be approved at the present time as reported previously.
https://www.ccn.com/thailand-20-companies-have-applied-for-crypto-exchange-licenses/
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jseverson
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August 09, 2018, 02:59:36 PM
 #2

It's pretty encouraging to see exchanges applying for licenses. Depending on the requirements, this may make them safer, and it definitely makes it a little harder for them to run away with customer money. It's interesting seeing ICOs cooperating with a country's SEC too lmao.

I'd also say this is a good example of friendly regulations aiding in adoption. More crypto businesses mean more potential customers which means more potential adoption. I do wonder if these companies lining up means they're trying to cater to existing demand or if they're trying to create it though.

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August 09, 2018, 04:02:01 PM
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 #3

and it definitely makes it a little harder for them to run away with customer money.

the important keyword here is "a little". and it is sad but unfortunately it seems like nothing can secure these exchanges and unless they give us some sort of assurance like having assets legally registered to pay their customers in case of a hack or something, there will never be safety in any of them.

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August 09, 2018, 04:15:44 PM
 #4

Just amazing for them, they are trying to put some crypto into business with legal approval of the government.. This issue might encourage some countries to open up more about crypto investing...
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August 09, 2018, 04:43:53 PM
 #5

Thailand: 20 Companies Have Applied for Crypto Exchange Licenses

it would be great if these exchanges offered the Fiat - Bitcoin pair, because we need more fresh money to enter the crypto market

ICO issuers will have to earn licensure through ‘portals’ (companies operating marketplaces) wherein the latter’s management structure and plan of operations will be scrutinized by the regulator. Three of the five ICO portals have already submitted their applications to the SEC.

this is undoubtedly the best thing they did because at least it will ensure that it will reduce scam cases and will still ensure that meaningless projects are disapproved. we need more governments to follow the same path, it's time to clean these nonsense ICOs that later we have altcoins that not even practical use has. in coinmarketicap for example, we have 1784 altcoins, and probably more than 60% are altcoins that have no practical use

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August 09, 2018, 04:47:26 PM
 #6

and it definitely makes it a little harder for them to run away with customer money.

the important keyword here is "a little". and it is sad but unfortunately it seems like nothing can secure these exchanges and unless they give us some sort of assurance like having assets legally registered to pay their customers in case of a hack or something, there will never be safety in any of them.

Yes love the concept and this should be done promptly so that people can actually trust the legality of exchanges. I mean having registered legally approved exchanger should actually mean something and without that there is no meaning to it at all. Actually you know what, it should not be exchangers who should take the responsibility of returning our money but it should be the strict rules and regulation which must be imposed on such exchangers so that they can abide and return it to us. ;-)


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August 09, 2018, 05:07:14 PM
 #7

First it was the Philippines and now Thailand is also moving on that direction.

As per article: (https://www.ccn.com/thailand-20-companies-have-applied-for-crypto-exchange-licenses/)
Quote
ICO issuers will have to earn licensure through ‘portals’ (companies operating marketplaces) wherein the latter’s management structure and plan of operations will be scrutinized by the regulator. Three of the five ICO portals have already submitted their applications to the SEC.

I like this idea but i do hope that it won't be exploited and they will really do their jobs scrutinizing and filtering those ICO. Just imagine if an ICO had passed their application and then turns out to be as scam as the end?

Next year is going to be big in Thailand and other Asean nations if some of those applications have been approved already by that time. We need fresh blood to re-ignite the market and I do hope that this will be one contributing factor for a healthy growth in 2019.

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August 10, 2018, 03:46:41 PM
 #8

the important keyword here is "a little". and it is sad but unfortunately it seems like nothing can secure these exchanges and unless they give us some sort of assurance like having assets legally registered to pay their customers in case of a hack or something, there will never be safety in any of them.

To be completely fair, nothing is really fully secure. Not even banks, which are subjected to heavy regulations and have centuries of operating experience under their belt, have perfected the security aspect. That doesn't excuse exchanges' bad practices, but still.

But yeah, what you may be describing is insurance, which would be an interesting regulatory requirement for cryptocurrency exchanges. I know that Coinbase has (seemingly very limited) insurance, but I have no idea if that's because of US regulation or if they simply want to inspire confidence.

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August 10, 2018, 04:37:55 PM
 #9

https://finance.yahoo.com/news/thailand-20-companies-applied-crypto-112002233.html

Securities and Exchange Commission of Thailand is one of earliest regulatory authority granting permission to two dozen crypto exchanges.  But the limit of regulation should be secured one in favour of investors.  It must be guaranteed that in the name of regulation; hackers will not be allowed to cheat the investor.


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August 10, 2018, 04:55:08 PM
 #10

it seems like Asian countries are adopting cryptocurrency and handle it well better than Europe and U.S.A right now . Of course , they realized that this kind of attitude will attract more investors and more money for the sake of their economy .
in terms of regulation , i think it's pretty early to trust these exchanges , but maybe in near future there will be strict laws about them to prevent scamming.

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August 10, 2018, 05:48:49 PM
 #11

Depending on the requirements, this may make them safer, and it definitely makes it a little harder for them to run away with customer money.

Its on this part that I am really interested to determine whether they are serious about this or just being forced to come up with some regulations because they could not stop the continued influence of crypto and the loss of revenue from that end they decide the best way to bring the operators in because personally I won't be expecting so much robust plan from them in terms of protection of customers deposit though because even countries that are way ahead in terms of development and technology are still trying to understand what it entails to regulate the crypto community but they have rolled out a framework and started the implementation already.

it seems like Asian countries are adopting cryptocurrency and handle it well better than Europe and U.S.A right now . Of course , they realized that this kind of attitude will attract more investors and more money for the sake of their economy .
in terms of regulation , i think it's pretty early to trust these exchanges , but maybe in near future there will be strict laws about them to prevent scamming.

Of course they are kind of moving ahead of their European and American counterparts but it still does not remove the fact they might be rushing things. In the quest to attract the early capital inflows, they should also be careful not to provide legality for those with the primary motive to scam.
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August 10, 2018, 07:49:24 PM
 #12

it seems like Asian countries are adopting cryptocurrency and handle it well better than Europe and U.S.A right now .
Asia has always been more open-minded towards technological innovation. It was way before Bitcoin even existed that in-game weapons or points were being traded as digital assets in high volumes.

They are totally used to this concept where crypto is the next digital asset, but in this case it's usable nearly everywhere. It has more utility and fits nicely in the time we're in. Asia is the main price driver for crypto.

Europe as always is incredibly slow with everything. I can't name up anything they forced through in a timely manner aside from their stupid and extremely annoying cookies law.

Nearly every site that I open requires me to manually accept cookies. Thanks Europe!

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August 11, 2018, 03:12:58 PM
 #13

-snip-
Its on this part that I am really interested to determine whether they are serious about this or just being forced to come up with some regulations because they could not stop the continued influence of crypto and the loss of revenue from that end they decide the best way to bring the operators in because personally I won't be expecting so much robust plan from them in terms of protection of customers deposit though because even countries that are way ahead in terms of development and technology are still trying to understand what it entails to regulate the crypto community but they have rolled out a framework and started the implementation already.

It could easily be both. I don't think it really matters much because at the end of the day, they're just doing their jobs. They seem to be doing their jobs well too, as far as the crypto community is concerned, evidenced by the number of businesses lining up to go legit. Other governments could certainly learn a thing or two from them in this area. I'd say they have at least earned the benefit of the doubt as to the motivation behind their actions.

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August 11, 2018, 03:14:51 PM
 #14

it seems like Asian countries are adopting cryptocurrency and handle it well better than Europe and U.S.A right now . Of course , they realized that this kind of attitude will attract more investors and more money for the sake of their economy .
in terms of regulation , i think it's pretty early to trust these exchanges , but maybe in near future there will be strict laws about them to prevent scamming.

This is a very good news because it only means that people in the community is starting to accept cryptocurrency in their own country which will make the demand in the market to increase even more in the future.
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August 11, 2018, 10:29:16 PM
 #15

it seems like Asian countries are adopting cryptocurrency and handle it well better than Europe and U.S.A right now . Of course , they realized that this kind of attitude will attract more investors and more money for the sake of their economy .
in terms of regulation , i think it's pretty early to trust these exchanges , but maybe in near future there will be strict laws about them to prevent scamming.
Applying them quickly and applying them to life has many benefits. Maybe when they apply to this technology they will achieve huge profits. And then there may be a problem, then they also have bumper. That really is a quick way to succeed.
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August 14, 2018, 07:16:44 AM
 #16

Thailand: 20 Companies Have Applied for Crypto Exchange Licenses
Following a new licensing system for the cryptocurrency sector in July, Thailand’s Securities and Exchange Commission (SEC) has fielded nearly two dozen applicants looking to operate domestic cryptocurrency exchanges.

Thailand SEC secretary-general Rapee Sucharitakul has revealed that as many as 20 companies have applied for licenses to operate cryptocurrency exchanges within a month after a new regulatory licensing framework for ICOs and the wider crypto sector came into effect, on July 16.

As reported by the Bangkok Post on Thursday, the senior SEC official confirmed that license approvals are currently “being processed”, adding:

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

As reported previously, Thai authorities pushed a royal decree to fast-track the regulation of the domestic crypto sector that mandates all exchange operators, ICO issuers and brokerages to register with the SEC before commencing operations.

The regulatory framework came into effect less than a month ago on July 16th, wherein the SEC became one of the world’s earliest securities market regulators to recognize cryptocurrencies in fundraising, allowing seven specific coins as payments for ICO users. They are namely Bitcoin, Ethereum, Ripple, Bitcoin Cash, Ethereum Classic, Stellar and Litecoin.

ICO issuers will have to earn licensure through ‘portals’ (companies operating marketplaces) wherein the latter’s management structure and plan of operations will be scrutinized by the regulator. Three of the five ICO portals have already submitted their applications to the SEC.

Notably, Rapee added that the SEC has seen interest from 50 ICO issuers looking to gain licenses to raise funds, five of which are likely to be approved at the present time as reported previously.
https://www.ccn.com/thailand-20-companies-have-applied-for-crypto-exchange-licenses/
It’s all right, I hope that it helps to increase the number of people that are into Bitcoin and also help the community to grow further as many companies are now getting interested. Though I have always known that these kind of thing will surely happen immediately they said that Thai government has started allowing their citizens to make use of cryptocurrencies, I knew that many companies will sign up for it and now it’s happening.

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August 14, 2018, 08:02:34 AM
 #17

It's always good news to see potential new exchanges getting setup, that only means more people will have access to cryptocurrency and the market will grow with it.

Thailand isn't a huge market to see big spikes in BTC price, as we have seen with the opening of new markets in the middle east for Muslims, earlier this year.
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August 15, 2018, 12:07:28 PM
 #18

Just amazing for them, they are trying to put some crypto into business with legal approval of the government.. This issue might encourage some countries to open up more about crypto investing...
The Thai government is one step ahead of other Southeast Asian countries that still consider crypto money illegal. One of the considerations is because the tourism industry in Thailand is very advanced, so inevitably it has to adopt a digital financial system that has more and more users. The Thai government does not make it difficult for tourists who come there but want to pay using crypto money.
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August 15, 2018, 12:27:41 PM
 #19

Just amazing for them, they are trying to put some crypto into business with legal approval of the government.. This issue might encourage some countries to open up more about crypto investing...
The Thai government is one step ahead of other Southeast Asian countries that still consider crypto money illegal. One of the considerations is because the tourism industry in Thailand is very advanced, so inevitably it has to adopt a digital financial system that has more and more users. The Thai government does not make it difficult for tourists who come there but want to pay using crypto money.

And in their turn it seems like most of asia is ahead of the rest of the world.
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August 15, 2018, 12:53:01 PM
 #20

It is incredible how things evolved in Thailand. Does anybody know in what field are.those companies who applied for the licence?

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