The Bangkok Post reports that ICO popularity in Thailand is on the rise. According to the Securities and Exchange Commission (SEC), about 50 ICO projects are interested in obtaining a license.
According to the SEC secretary general Rapee Sucharitakul, while all projects are keen to get on with things, there is no indication yet as to how many will be granted licenses. He went on to explain that often the most difficult aspect of an ICO is creating the whitepaper, and this document weighs heavily upon the SEC’s decision.
Sucharitakul says that there are also around 20 companies that have submitted applications to operate as digital asset exchanges.
"License approvals are being processed. Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active," Sucharitakul said.
The approval process can take up to five months to conclude, once the company has filed for license approval, the SEC forwards the documentation to the Finance Ministry within 90 days. The Finance Ministry will then take about 60 days to decide.
Thailand introduced new legislation on May 14 to regulate digital asset offerings and businesses involved cryptocurrency related activities.