After a series of legal bodies to regulate the ICO and crypto market in That territory came into effect on July 16, nearly 50 projects have shown interest in obtaining the license to start the ICO in Thailand’s jurisdiction.
According to the Thai Securities and Exchange Commission, three ICO portals have already submitted applications for their websites to be approved. This is a prior process that must be complied with to make the request for the license that allows them to sell their tokens within Thailand and it can last a maximum of 90 days.
Despite the overwhelming number, the Commission expresses that it is not sure that all the projects that have submitted applications will be approved as they see no certainty that they will comply with all the requirements of the law. In assessments of the same committee, the most complicated for the projects at the time of review is the Whitepaper. The authorities clarify that they focus a lot on this element because it specifies the technical and commercial aspects of the project and that from there is where investors are based to make their operations.
They are also asking for a license to open Thai exchanges
In addition to the ICOs, the Thai Securities and Exchange Commission is also processing some 20 applications from companies that want to operate as a clearing house for cryptocoins. In this respect the Commission expressed that this is normal since the cryptomoney market in Thailand is rather “active”.
The Commission recalled that applicants for these licences must be legal companies registered under the legal regulations in force in Thailand. It also recalled that the process to process a license such as Exchange may take about 150 days, because both the Thailand Securities and Exchange Commission and the Ministry of Finance of the Thai government must work.
Criptocoins Growth in Thailand
The year 2018 has been an atypical year for the virtual currency market in Thailand. It started with the government prohibiting banks from making cryptocoins transactions. Then it saw how in May the government changed its stance towards a more open position to the market but expressing the need for regulation.
For the time being, we saw how in June the Thai Securities and Exchange Commission issued the legal bodies to regulate the ICO and the cryptomoney market in general, which has led to the market growth being overwhelming and remaining vibrant despite the complications that the world cryptomoney market is experiencing.