Thai Securities and Exchange Commission (SEC) reported that they are watching an increased demand for licenses to perform initial coin offering (ICO). This happened after the announcement by the Ministry of Finance that it plans to introduce new rules concerning ICO.
The SEC secretary-general Rapee Sucharitakul in an interview for Bangkok Post said that nearly 50 ICO projects have expressed interest in certification. He also added that involved companies note high activity in the local cryptocurrency market.
It is still unclear whether they will get approval of the regulator. The digital assets of a firm seeking approval should be based in Thailand, have registered capital and a healthy financial status. In addition, about 20 companies that want to work as crypto-exchanges, also sent their documents for permission.
WHY IS IT IMPORTANT?
1. Thailand has demonstrated a positive approach to the regulation of cryptocurrencies and blockchain. The law governing ICO was approved on July 16.
2. Last week, the Bank of Thailand allowed local banks to establish subsidiaries to work with the crypto currency. Thai banks can now issue digital tokens, provide crypto-brokerage services and invest in cryptocurrency through subsidiaries.