The term “cryptocurrency” has become the buzzword and cryptocurrency trading is rocking the world. Due to its decentralized system & security, the private and government sectors are showing interest in the blockchain technology. Countries around the world have started accepting cryptocurrencies and all set to favor the crypto trading ecosystem. Thailand government has also shown their interest in supporting the ICO’s.
The Thai Securities and Exchange Commission (SEC) is showing their interest in ICO regulations. This has been triggered by the Finance Ministry’s announcement to license the ICO(initial coin offering) projects. Rapee Sucharitakul, the SEC, secretary-general spoke to the Bangkok Post, that 50 ICO projects have applied for license certification. In this three out of five ICO portals have already filed with SEC.
Upon the successful submission of applications, the approval process would take up to 5 months. Within 90 days, the SEC will transfer the documents to the Finance Ministry and the ministry will take 60 days to make the decision on approving the license. The rule of thumb is the digital assets exchanges seeking the approval should be based in Thailand and should be financially sound for the approval.
The Thailand government is showing a positive approach regarding this matter. The government bank has approved local banks to establish subsidiaries for dealing with cryptocurrency. Through the subsidiaries, Thai bank can involve in all crypto tradings like issuing digital tokens, invest in cryptocurrency and provide crypto brokerage services. Moreover, the Thai Bond Market Association (TBMA) has announced in July that, it will deploy a blockchain technology for its bond certificate issuance.