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/ Very great. This country will be a major breakthrough for cryptocurrency.
