|Aug 10, 2018 12:49 PM||By: Jinia Shawdagor | 7006 Views|
Regulators are examining to make Thailand crypto heaven through favorable regulations. Thailand SEC has previously released the framework and specifications for running cryptocurrency exchanges and ICOs in the country. Though the crypto community is not as active as its different Asian counterparts in Japan and South Korea, the state is now bringing companies worldwide, and forward with them, their money.
Exchanges would have to go through an application process to serve in the country. According to Rapee Sucharitakul, the secretary-general of the Thailand Securities and Exchange Commission, they’ve previously received a total of 20 applications in just several weeks.
Commenting on Thailand’s crypto activity, Sucharitakul stated, “Many companies interested in presenting digital asset exchanges have announced digital assets and cryptocurrency trading in the Thai market are quite effective.”
Exchanges will have to go through a method to convince the regulators they’re doing quite KYC and security checks. All the licenses are yet in an approval process. Once a permit has been filed, the regulator will have to process it and send it to the finance ministry within 90 days, and the finance ministry will have to vote on the endorsement within 60 days. To operate an exchange, companies will have to be listed in Thailand and have a minimum paid up capital. Additionally, directors, executives, and shareholders must have SEC approval.
While some countries are taking with exchanges, most states have outright banned ICOs, or are still unsure regarding them. Thailand, on the other hand, wants ICOs the to occur in a regulated manner. Late last month, the Thai SEC stated that they’d be accepting applications to run ICOs in the country. In less than three weeks, more than 50 companies are now seeking run ICO from the state. Three companies shave already offered their applications to the SEC.
It is not clear what the rules are to run an ICO based out of Thailand, but the crypto community is very positive. Thuntee Sukchotrat, the CEO of Thai crypto exchange JIBEX in an interview with Bangkok Post stated,
“I believe that investors will invest in digital assets rather 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 inside two years.”
While Zuk in Switzerland has been the Crypto valley of West for years, it has been suffering its way. ICOs are having a hard time with local banks and support. This has opened up opportunities for other countries. European countries like Malta and Gibraltar are looking to earn the use of it. IN the East, South Korea and Japan have over-regulated the crypto space which is just getting ignited. Thailand is looking to do what Switzerland did a few years ago. If the country gets it right, Thailand can enhance the hub of Cryptocurrencies in the world.