In Thailand, initial coin offerings (ICOs) may soon be finding their legal footing after approximately 50 ICO projects displayed interest in applying for licenses to operate.

Application progress

According to local media outlet The Bangkok Post, the Thai Securities and Exchange Commission (SEC) has seen a growing interest in those wishing to raise funds through the crowdfunding method. Although, according to the SEC secretary-general Rapee Sucharitakul, it remains yet to be seen as to how many of those will be given the operating license.

Furthermore, there are roughly twenty other companies who have made applications for the licenses to operate as cryptocurrency exchanges.

He said, “Licence approvals are 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.”

ICO portal

Before the SEC licenses these projects, “ICO portals” will be the first to be selected. The portals are essentially online ICO marketplaces, offering platforms for ICO issuers to operate their sales. According to Sucharitakul, three out of five companies who are seeking to operate as ICO portals have filed their applications already.

In early May, proposals for cryptocurrency tax and regulations were slowly coming to fruition. This came at a time when many international governments and financial regulators were also beginning to formalize appropriate crypto-laws and legislation.

Chief executive Thuntee Sukchotrat of digital asset exchange JIBEX said, “I believe that investors will invest in digital assets instead of stocks in the future. The performance of ICOs will rise in line with ICO project performance. The investment ratio of ICOs to stocks will be on par within two years.”

Recent months

In late May, the Thai SEC established that it would monitor ICO operations and cryptocurrency related businesses. Furthermore, a regulated SEC ICO Portal was further discussed, which would allow for domestic ICOs to be issued legally.

In June, the SEC made further inroads upon the announcement of its cryptocurrency laws, though there are only seven legal cryptocurrencies, which are Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Stellar, and Ripple.

Shortly after, the SEC took five out of 50 ICO projects and announced they would be running them as pilots. Later on in August, Thailand reaffirmed its crypto-positive stance after the Bank of Thailand made it legal for local banks to issue digital tokens, provide crypto brokerage services, operate crypto-related businesses and invest in cryptocurrencies via subsidiaries.

 

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