Cryptocurrency trading blooms in Thai market; 20 exchanges seek licenses

Around 20 companies have applied to the SEC for licences to operate as digital asset exchanges

Around 20 companies have applied to the SEC for licences to operate as digital asset exchanges

In a news report from Bangkok Post, SEC secretary-general Rapee Sucharitakul said that about 50 ICO projects have expressed interest in obtaining licenses to conduct token sales in the country, but the SEC remains uncertain whether all of them will be given proper credentials to raise funds. Over 20 companies have applied for licenses to open crypto exchanges in Thailand, which shows the laws have not dampened spirits towards crypto in the kingdom.

The Securities and Exchange Commission (SEC) of Thailand on August 8 announced that they have seen increased interest in licenses to operate Initial Coin Offerings (ICOs) and digital assets within the country.

Among companies that have applied for a license is Coin Asset, a six-month-old Thai crypto exchange with about 10,000 users. On Wednesday, the SEC revealed the number of companies that have applied for various licenses or are interested in applying, local media reported. He said that three out of five ICO portals, online marketplaces where potential ICO issuers can operate their token sales, have already submitted their applications to the SEC. However, the processing of all applications is still underway and it is too early to say how many organizations will get operating licenses, according to Rapee. The exchange now processes approximately 2-3 million baht (~US$60,186 - $90,279) daily, CEO Suvanus Yamdee told Prachachat Turakij newspaper. Declaring that the ATM is the first of its kind among Asean countries, Mr. Suvanus described that it supports multiple fiat currencies - the baht, euros, yuan, and dollars. If approved, the group plans to install the ATMs at Thailand's major global airports, Suvarnabhumi and Don Mueang, as well as in Chiang Mai. Some basic criteria are that the company must be registered and operate in Thailand with around financial records. In addition, those individuals running companies seeking approval must also be green lighted by the financial regulatory body. Computer Group, was quoted stating: I believe that investors will spend money on digital assets rather than stocks in the future... According to the research, the market has more than doubled over the course of the year, with ICOs raising over $11 billion in investments.

However, the explosion of applications for crypto-related operations across Thailand makes future looks bright for the cryptocurrency in Thailand, corroborated by the decision of the Thai central bank to allow subsidiaries to operate in cryptos.

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