The decision by Thailand to put in place regulations for virtual currencies and initial coin offerings has paid off as more companies are applying for licenses to start operating in the country. So far, about 50 ICO projects want to open a business while the number Crypto exchanges applying for the license has reached 20 according to reports obtained from Thai Securities and Exchange Commission. Some people are optimistic that in the future, more investors will opt to invest in the Cryptocurrencies instead of stocks.
More Crypto Businesses Apply For Licensing
Thailand has been on the forefront in passing laws for the Crypto sector which includes Cryptocurrencies and ICOs. The country’s regulatory framework for the sector became effective on June 16. Since July 24 when the Crypto license application process kicked off, the country’s main regulator for the sector, the Thai Securities Exchange Commission (SEC) has been very busy.
The commission, through its secretary-general Mr. Rapee Sucharikatul revealed that about 50 companies are planning to issue tokens. He told the local media that among the five companies that want to become ICO portals, only two of them have not applied. The Wednesday report also indicated that the license approval for Crypto exchanges is being processed, with Bangkok Post saying that the number of the exchanges that have applied stand at 20.
Application By Coin Asset
One of the companies that have applied for a Crypto license with the commission is Coin Asset. The company provides crypto exchange services and was started only six months ago. In the same period, the number of customers has grown to about 10,000. Speaking to Prachachat Turakij newspaper, the exchange’s CEO Suvanus Yamdee revealed that they are currently processing transactions worth about 2-3 million baht (~US$60,186 – $90,279) per day.
The exchange has been operating on a 90-day temporary license. The news outlet has revealed that SEC is currently reviewing the company’s application. Last week, the exchange unveiled Crypto ATMs and has already applied for a license to run the same. The ATMs will enable customers to exchange their Cryptocurrencies with various fiat currencies such as the US Dollar, Yuan, Euro, and Baht. The users will also buy and sell virtual currencies such as DASH, XMR, LTC, ETH, BCH, and BTC.
The company is planning to install the ATMs in the country’s main international airports, namely Chiang Mai, Don Mueang, and Suvarnabhumi once approved. The exchange has said the customers will be allowed to transact a minimum of 100 baht (~$3).
Bright Future For Crypto Companies In Thailand
The Bangkok Post has explained that once a company applies for a Crypto license in the country, SEC has 90 days to forward the application to the finance ministry. The applicant must wait for another 60 days for the finance ministry to decide.
For a company to apply, it must be a listed firm in the country and have the needed paid-up capital. The newspaper also said the applicant’s shareholders, executive, and directors must be approved by the SEC.
The CEO of a local exchange called Jibex, Thuntee Sukchotrat said that the move is likely to see the number of Crypto investors surpass that of stocks. He is optimistic that investment in ICOs will match that of stocks within two years.