Thailand’s Security and Exchange Commission (SEC) has its decked stacked with applications from firms interested in offering token sales following its New ICO regulation.
According to a news report from Bangkok Post, an official form Thai SEC revealed that over 50 firms have indicated interest in offering ICOs while 20 cryptocurrency exchanges have also applied for licenses. Also, at least five ICO portals have are also interested in working with the SEC.
Rapee Sucharitakul, who is the secretary general of the Thai SEC, said that license approvals are being processed and “many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active.”
The new regulation which was originally announced in May and effected last month requires ICOs to apply with the SEC through approved portals before conducting its token sale. Crypto exchanges are also required to obtain licenses from the SEC before trading.
Three of the five interested ICO portals have submitted official applications with the SEC, Rapee said. According to him, although the companies have indicated interests and sent applications, there is no clear indication of how many applications will be successful.
The SEC consults with the country’s Finance Ministry before concluding the approval of any firm. Though Rapee did not give any specific timeframe for the approval, the process can take 90 days with the SEDC and a further 60 days with the Finance Ministry. Some basic criteria are that the company must be registered and operate in Thailand with around financial records.