Thailand's new licensing system for firms working with digital assets has seen a flurry of applications from companies seeking to offer token sales and exchange services just weeks after it went into effect, an official has said.
In a news report from Bangkok Post on Thursday, Rapee Sucharitakul, the secretary-general of the Thailand Securities and Exchange Commission (SEC), said a total of 20 crypto exchanges had already registered for licenses.
As CoinDesk has previously reported, rules created to regulate ICOs took effect on July 16 after a royal decree on the topic was made public in May. As part of the scheme, projects that intend to offer crypto exchange services must also gain approval from the SEC before trading starts.
"Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active," Sucharitakul said.
In addition, the SEC said around 50 ICOs have expressed interest in becoming registered to conduct compliant token sales in the country.
However, before the SEC can grant licenses to individual projects, it must first select the so-called "ICO portals" – online marketplaces where potential ICO issuers can operate their token sales. Sucharitakul said that, out of the five companies that have expressed interest in becoming ICO portals, three have already filed applications.
In the same region, regulators from the Philippines embarked on a similar effort just last week, releasing draft rules for the regulation of token sales. The nation is currently seeking public comment on how to let ICOs operate in a regulated environment.
Thailand flag image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Bitcoin Price Move Past $6.5K Would Boost Upside Potential
Against expectations, bitcoin (BTC) defended support at $6,000 over the weekend, opening the doors for a stronger corrective rally above $6,480.
Friday's drop below $6,240 (bear flag breakdown) had
XRP Cryptocurrency Now Down 90% From 2018 Price High
XRP, the world's third-largest cryptocurrency by market capitalization, fell to its lowest price of 2018 on Tuesday.
At 00:01 UTC, just after Monday's close, the cryptocurrency dropped to $0.27 cen
Bitcoin's Price Falls Below $6K to Near 2018 Low
The price of bitcoin fell below $6,000 on Tuesday, a move that brought the world's largest cryptocurrency within 2 percent of its 2018 low.
At press time, bitcoin is trading hands at $5,922, print
Korea's Jeju Island Seeks to Become ICO Hub Despite Domestic Ban
South Korea's Jeju island is seeking to become a free zone for initial coin offerings (ICOs) – a plan that, if approved, would allow crypto projects to conduct token sales in the self-governing provin
Square Expands Cash App Bitcoin Service to All 50 US States
Mobile payments firm Square now lets customers buy and sell bitcoins via its Cash App in all 50 U.S. states.
The company – which was co-founded by Twitter chief executive Jack Dorsey – announced th
Jamaica Stock Exchange to Trade Crypto Assets in 2018
The Jamaica Stock Exchange (JSE) will soon be offering cryptocurrencies as tradeable assets for clients.
The company said Tuesday that it had signed a memorandum of understanding (MoU) with blockch
Fantasy Football League to Raise $100 Million in Crypto ICO
A blockchain startup wants to raise nearly $100 million dollars to create a new form of fantasy football.
Called the Crown League, the project's owner told CoinDesk on Tuesday that it seeks to form
Goldman Sachs, JPMorgan Invest in Axoni's $32 Million Funding Round
Enterprise-focused blockchain startup Axoni has completed a $32 million Series B funding round led by Goldman Sachs and Nyca Partners.
Also participating in the round were Andreessen Horowitz, Citi